Nigeria’s electronic payment transactions surged to N126.39tn in six months via the two digital payment platforms
Data obtained from NIBSS showed that electronic payment transactions recorded 100.86 per cent growth in value when compared to an aggregate of N62.92 trillion in the corresponding period of 2020.
The two digital payment platforms driving electronic payments are the NIBSS Instant Payment System and Point of Sales terminals.
In the first six months of 2020, the value of NIP transactions was N60.92 trillion; in the corresponding period of 2021, it grew to N123.38 trillion.
The value of PoS transactions was N2.00 trillion for the first six months of 2020. In the corresponding period of 2021, it rose to N3.01 trillion.
According to the NIBSS ‘Instant Payments – 2020 Annual Statistics’, the COVID-19 pandemic changed the ePayments landscape, accelerating the adoption of instant payments as more people transitioned to electronic channels for funds exchange in the wake of government imposed lockdowns.