Latest data from the Nigeria Inter-Bank Settlement Systems (NIBSS) has revealed that Nigerians spent a total of N89.5 trillion over electronic channels in July 2024.
The July record is the all-time high monthly transaction value on the NIBSS Instant Payment (NIP) platform and represents an 89 per cent increase year on year when compared with the N47.4 trillion recorded in the same period of last year.
The July record brings the value of total electronic transactions in Nigeria from January to July 2024 to N566.3 trillion, inching close to the full year figure of N600 trillion recorded in 2023.
The volume of NIP transactions processed by NIBSS for the month also rose from 743 million in July 2023 to 907 million in July this year, indicating a year-on-year increase of 22 per cent.
The increase in e-transactions has ben linked to the recent cash crunch experience and the cashless policy of the Central Bank of Nigeria (CBN) limiting the amount of cash that can be withdrawn by individuals and organisations daily.
