27 Nov 2022, 7:11 AM (GMT)

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e-Payment Transactions Rose To ₦32.8trn In September 

The Nigeria Inter-Bank Settlement Systems, NIBSS, in a new report, says that in September 2022, e-payment transactions through its Instant Payment platform (NIP) hit ₦32.8 trillion, which represents a 1.2% decline from the ₦33.2 trillion recorded in August. 

However, experts believe that the worsening economic downturn in the country contributed to the decline.

According to the NIBSS, the September 2022 figure shows an increase of 39.5% in comparison with the ₦23.5 trillion recorded in the same month last year. According to the latest numbers, the total value of e-payment deals in the last nine months currently stands at ₦271.5 trillion

It also reveals that the value of e-payment transactions is responsible for the rise in the volume of deals within the month. The NIP volume rose to 438 million in September 2022, which represents a 48% increase over 296 million recorded in the same period last year.

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