In the first eleven months of 2022, cashless transactions in Nigeria increased by 41.75 percent to N318.66 trillion, according to fresh industry figures from the Nigeria Inter-Bank Settlement System.
The Nigeria Instant Payment System and Point of Sales terminals, which are used to track cashless transactions on the NIBSS, processed a total of N318.66 trillion. The number for the similar time in 2021 was N224.79 trillion.
Total NIP transactions during the time period came to N311.81 trillion, while PoS transactions were N6.85 trillion, demonstrating the nation’s significant adoption of digital payments. Since the COVID-19 outbreak, electronic payment has steadily increased.
The pandemic altered the e-Payments scene and hastened the adoption of quick payments as more individuals switched to electronic channels for monies exchange, according to the NIBSS’s “Instant Payments – 2020 Annual Statistics” report.
The government is aware of the expansion of e-payment. The Federal Government established an Electronic Money Transfer Levy in the Finance Act of 2020 to increase income from the country’s digital payments.
On electronic receipt or transfer of funds deposited in any deposit money bank or financial institution on amounts of N10,000 and above, EMTL is defined as a single, one-time payment of N50. In 2021, the government earned N111.84 billion.
