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Nigeria’s e-payment transactions rises by N16.4 trn in 2018– Reports

NIGERIA’S Nigeria’s electronic payment (e-payment) services, recorded transactions worth N56.85trn from January to September, 2018 indicating a N16.4 trn increase during the same period in 2017 according to reports made available by Nigerian Interbank Settlement System (NIBSS).

The report of N56.85 when compared to the N40.45trn of same period in 2017 showed a boost in usage of electronic transactions through the NIBSS Instant Payment (NIP), Point of Sale (PoS), Automated Teller Machines (ATMs), Mobile Money, Electronic Bills Payment (E-Bills) and web payments.

A breakdown of the report showed that the volume of ATM transactions under the period in review grew from 560.86 million in 2017, to 650.06 million in 2018 as transactions grew from N4.61trn in 2017 to N4.76trn at the end of the third quarter of 2018.

The report showed a rise of about N635bn in the use of POS machines to carry out payments by Nigerians.

Under the review period, 98.73 million transactions worth N975bn were carried out using POS in 2017, while in 2018, the volume grew to 196.83 million, valued at N1.61trn.

Similarly, the volume of transactions carried out by Nigerians, using mobile money rose from N795.18bn in 2017, to N1.22trn as at September, 2018.

Also, using the web payment channel, the total value of transactions under the review period rose from N129.24bn in 2017, to N183.07bn in 2018.

However, the value of such transactions on e-bill payments, which allowed customers to pay utility bills such as power, cable and so on online, declined from N420.73bn in 2017 to N370bn in 2018.

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