Transaction value of e-payments up 42% YoY
By Jeph Ajobaju, Chief Copy Editor
Electronic payment transaction value rose to N387 trillion in 2022, a historic high, as more Nigerians embrace cashless payments, according to the latest data released by the Nigeria Inter-Bank Settlement System (NIBSS).
The value recorded on the NIBSS Instant Payment Platform (NIP) lifted 42 per cent above N272 trillion in 2021.
There was a steady increase in e-payment value throughout the 12 months of 2022 with the highest figure in December when Nigerians spent N42 trillion, a monthly record.
Transaction volume processed by the NIBSS in 2022 also jumped from 3.4 billion in 2021 to 5.1 billion in 2022, an increase of 50 per cent year-on-year (YoY).
The cashless policy of the Central Bank of Nigeria (CBN) is gaining traction with public getting used to mobile transfers, paying with PoS, and USSD, among other channels, per Nairametrics.
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Cash withdrawal policy
The new CBN policy effective from 9 January which limits the amount individuals and corporates can withdraw from banks will further drive a surge in electronic transactions.
The policy, which follows the redesigning of N200, N500, and N1,000 notes, limits withdrawals by individuals to N500,000 a week and corporates N5 million a week.
The CBN said it will also limit the amount of cash in circulation from 31 January when old notes will cease to be legal tender – so as to increase the use of electronic channels for payments.
About NIBSS NIP
NIP is an account-number-based, online real-time inter-bank payment solution the NIBSS developed in 2011.
It is the preferred funds transfer platform in the financial industry because it guarantees instant value to the beneficiary.
Over the years, the NIBSS said, banks have exposed NIP to their customers through various channels such as internet banking, bank branches, kiosks, mobile apps, Unstructured Supplementary Service Data (USSD), PoS, and ATMs.