E-Payments Surge by 29% to N10.89trn in January 2020

• E-Payments Surge by 29% to N10.89trn in January 2020

The total value of electronic payments recorded in January rose by 29 percent from N8.41 trillion achieved in the same month of 2019 to N10.89 trillion in 2019.

According to the latest data from the Nigerian Inter-Bank Settlement Scheme, the volume of payments grew by 58 percent from 101.38 million in the same period of 2019 to 160.18 million in 2020.

A breakdown of the report shows, the value of transactions performed through Point of Sale in January stood at N313.427 billion, a 41 percent increase when compared with N222.921 billion filed in the same period of 2019.

Similarly, the volume of payments carried out via PoS rose by 47 percent from 28.162 million recorded in January 2019 to 41.395 million in January 2020.

Also, the report indicated that mobile inter-bank transfers grew to N133.215 billion in the month, a record 397 percent growth from N26.828 billion filed in January 2019.

While the volume of mobile inter-bank transfers grew by 914 percent from 0.723 million in the corresponding period of 2019 to 7.352 million in January 2020.

The total value of NIP payments during the month stood at N10.3 trillion, representing an increase of 27 percent from N8.1 trillion recorded a year ago.

The volume of NIP transactions grew from 72.29 million in January 2019 to 111.35 million in January 2020.

On electronic bill payments, transactions valued at N92.76 billion were carried out by financial banks in January, an increase of 86 percent growth from N49.76 billion in the same period in 2019.

The rising numbers of electronic transactions indicated the growing adoption of financial technology and support the Central Bank of Nigeria’s initiative on cashless policy.