By Munachimso Obienyi
The Nigeria Inter-Bank Settlement Systems (NIBSS) via its Instant Payment Platform (NIP), has revealed that the total value of transactions worth N271.56 trillion were performed electronically in nine months of 2022.
According to NIBSS, this represents an increase of 26 per cent when compared to N215.76 trillion reported in nine months of 2021.
The NIBSS NIP is an online real-time Inter-Bank payment solution developed by NIBSS and Banks, Other Financial Institutions (OFI) customers’ preferred funds transfer platform that guarantees instant value to the receivers.
Further data released by the NIBSS also revealed that electronic transactions decreased to N32.8 trillion in September 2022 due to network glitches, inflation amongst other factors from N33.2 trillion reported by the bank in August 2022.
The data by NIBSS had revealed that the N33.2trillion report in August 2022 was the all-time high e-payments value recorded since 2018. According to NIBSS, the decline in value of e-payment recorded was a reflection of the decline in volume of deals in the month under review.
The NIP volume dropped to 438.17 million in September, representing a decline of 2.2 per cent over 448.13million recorded in August. As electronic transactions dropped in September, the value of cheque transactions also fell by 8.52 per cent to N265.94 billion from N290.69 billion in August.
However, the Year-on-Year (YoY) performance of cheques transactions in nine months rose by 0.43 per cent to N2.39trillion from N2.38trillion in nine months of 2021.
