Nigerians paid N2.18 trillion – an increase of N1.67 trillion – on electronic bills in the first nine months of 2022. This represents a rise of 30.84 percent.
Approximately N2 trillion in utility bills have now been paid electronically for the first time, according to data from the Nigeria Inter-Bank Settlement System. E-bills make it easy to view daily bill transactions and offer biller notice, real-time transaction reporting online, and straightforward reconciliation..
The NIBBS stated, “e-BillsPay is an electronic bill payment platform that facilitates the payment of bills, fees, levies, premiums, and subscriptions etc. by the banking public through electronic payment channels provided and managed by banks.”
Since the start of the epidemic, the use of electronic bills has increased as customers choose contactless transactions and retailers integrate payment methods with financial institutions. Bank branches, Internet banking, mobile banking, USSD, and agent networks are among the e-BillsPay contact points listed by the NIBSS.
Industry analysts claim that as people rely on the portability and speed of mobile devices, the expansion of e-bill payments depends on the acceptance of mobile technology. This rise has also been linked to the 955,234 POS terminals that have been installed nationwide.