After a slight dip in June, the rate of electronic transactions in Nigeria bounced back, showing strong growth in July 2024. Compared to June, an increment of 12% was seen in the total value of transactions processed through the NIBSS Instant Payments (NIP) platform plus a significant 89% compared to July 2023, reaching N89.5T This report was given by the Nigeria Inter-Bank Settlement System (NIBSS).
From January to July 2024, an impressive 86% increase was seen in the value of NIP transactions, totalling N566.4T as compared to the same period last year. The rise of mobile phone usage, better internet access, an increasing number of fintech companies, and the Central Bank of Nigeria’s (CBN) cashless policy, are some of the factors fueling this growth in electronic payments.
In July 2024, the NIP platform grew by 4% from the previous month and 22% compared to last year, with a total of 907M transactions in the number of electronic transactions processed under it. The overall growth in the value of NIP payments is a result of this increment in transaction volume.
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Other electronic payment methods also saw growth during July 2024:
Mobile payments: An increase by 10% was recorded in the total value of payments made through mobile phones from June 2024 and 63% compared to July 2023, reaching N6.2T.
Point of Sales: 8% month-on-month and 9% year-on-year, a total of N1.0T in payments made by PoS devices
E-Bills Pay: From the previous month, platforms used for paying bills grew by 5% with a total value of N252.1B. On the other hand, the value of transactions via this channel dipped by 5% compared to last year.
Cheque payments: With a notable 30% from June and 17% from last year, amounting to N293.8B, cheque transactions surged despite the growth in electronic payments. This indicates that some individuals and businesses still prefer cheque transactions.
Significantly, the CBN’s efforts in promoting a cashless economy have not been void, as seen in the outlined milestones. This continuous development overtime will surely bolster the financial landscape of Nigeria.
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