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Electronic Transactions Soar By 42% In 9 Months

Electronic Transactions Soar By 42% In 9 Months

The value of electronic transactions in Nigeria between January and September 2022, hits N272 trillion, representing an increase of 42% when compared to the N216 trillion recorded in the corresponding period of last year (2021).

The Nigeria Inter-Bank Settlement System (NIBSS) disclosed this development in data cited by BizWatch Nigeria on Friday, December 2.

Other payment channels, captured in the report showed that transactions processed through the mobile (inter-scheme) channel increased by 153% to N12.9 trillion from N5.1 trillion in the same period last year.

The NIBSS data also showed that the value of Point-of-Sale transactions processed through PoS channels grew 31% to N6.1 trillion in the nine months ended September 30, 2022, from N4.6 trillion in the same period of 2021.

For e-bills pay channel, primarily used for recurring bill payments, it grew by 37 percent to N2.2 trillion from N1.6 trillion in the same period of 2021.

The report also showed that cheques were becoming less popular as a form of payment.

The total value of payments made via cheques in the nine-month period to September 2022 was N2.4 trillion, a 4.3% increase from the N2.3 trillion recorded a year earlier.

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