According to data received from the Nigeria Inter-Bank Settlement System, electronic payment transactions in Nigeria surged by 85.52 percent year on year to N171.99 trillion in August 2021.
E-payments totaled N92.71 trillion from January to August 2020. In the same period in 2021, it climbed to N171.99tn, an increase of 85.52 percent year on year.
The Nigeria Instant Payment System and Point of Sale terminals are used to track e-payment transactions on the NIBSS.
NIP transactions increased by 86.79 percent year on year, from N89.90 billion in 2020 to N167.93 billion in 2021. PoS transactions increased 44.85% year on year, from N2.81 trillion in 2020 to N4.07 trillion in 2021.
The COVID-19 pandemic has transformed the e-Payments environment, accelerating the adoption of quick payments as more people move to electronic channels for funds exchange, according to research by the NIBSS titled ‘Instant Payments – 2020 Annual Statistics.’
According to the NIBSS, mobile devices will drive electronic payment in 2020, accounting for 43% of total transactions, while USSD will account for 35% of transactions, implying that mobile devices will account for 78% of total transfer transactions.
According to a survey by ACI Worldwide, Nigeria will see a faster transition to digital payments over the next five years, with real-time volumes reaching 7.7 billion by 2025.
According to the research, real-time payment volume was 1.9 billion in 2020, and 2.77 billion in the eight months under evaluation on the NIP and PoS portal.