E-payments in Nigeria hit monthly all-time high of N33.2 trillion in August 2022

Data from the Nigeria Inter-Bank Settlement Systems (NIBSS) has shown that in August alone, Nigerians made around N33.2 trillion in electronic transactions using the NIBSS Instant Payment platform (NIP).

The figure marked an all-time high for the platform since its launch in 2011, and brought the total value of electronic transactions in the last 8 months to N238.7 trillion.

According to the NIBSS data, e-payments for July stood at N29.3 trillion, showing a 13.3% growth against August. Year on year saw e-payment value increase by 50% compared to the N22.1 trillion recorded in August last year.

Analysis of the data showed that more Nigerians are embracing the CBN’s cashless policy, as the volume of deals recorded have continued to climb.

In August, the NIP volume increased to 448 million, a 10.6% increase against the 405 million recorded in July.

Month by Month analysis of the data:

• The NIP platform recorded N26.6 billion transactions in January. Year on year, this was a 43.7% increase over N18.5 trillion recorded in the same month of last year.
• Deals in February this year also increased, reaching N27.2 trillion, a 48.6% growth from the N18.3 trillion recorded in February 2021.
• March saw e-payments on the platform rise to 31.8 trillion, a 44.5% increase over the N22 trillion recorded in the same month last year.
• The value of transactions on the NIP platform stood at N29.2 trillion in April in 2022, a 41.6% increase over the N20.6 trillion recorded in April 2021.
• In May, the value of e-payment transactions stood at N29.6 trillion, a 43% increase compared with N20.7 trillion recorded in the same period last year.
• The NIP transactions rose to N31.7 trillion in June 2022, a 37% growth over N23.1 trillion posted at the same time in 2021.
• Transactions for July showed a 31% increase from the N22.4 trillion recorded last year to N29.3 trillion for this year.
• For August, the value of e-payments in Nigeria increased by 50% to N33.2 trillion compared to N22.1 trillion recorded in the same period last year