The Nigeria Inter-Bank Settlement Systems (NIBSS) has revealed that transactions worth N32.8 trillion were performed electronically in September through the NIBSS Instant Payment platform (NIP).
This was contained in it’s latest data for the review period.
This brings the total value of e-payment deals in the last 9 months to N271.5 trillion.
The NIBSS Instant Payments (NIP) is an account-number-based, online-real-time Inter-Bank payment solution developed in the year 2011 by NIBSS. It is the Nigerian financial industry’s preferred funds transfer platform that guarantees instant value to the beneficiary.
Year on year, the e-payment value increased by 39.5 per cent compared with the N23.5 trillion recorded in September 2021.
There was however a decline of 1.2 per cent, compared to the previous month of August, when the value of electronic payment transactions recorded in the country was N33.2 trillion.
According to NIBSS, the value of the e-payment recorded was a reflection of the increase in the volume of deals within the month. The NIP volume rose to 438 million in September, showing a 48 per cent increase over 296 million recorded in the same period last year.
NIBSS said over the years, Nigerian banks have exposed NIP through their various channels, that is, internet banking, bank branch, Kiosks, mobile apps, Unstructured Supplementary Service Data (USSD), POS, ATMs, etc to their customers.
