Online Payment Transactions Hit N60.34tn in First Quarter — NIBSS

According to Nigeria Interbank Settlement System, the Instant Payment System and Point of Sales terminals value of transactions via digital payment platforms have risen to N60.34tn in the first quarter of 2021.

The two platforms recorded an 87.1 percent growth in value of payments when compared to an aggregate of N32.25tn in the corresponding period of 2020.

Compared to the fourth quarter of 2020 with transactions valued at N53.61tn, this shows a 12.55 percent increase.

A breakdown of data obtained from the Nigeria Interbank Settlement System showed that NIP grossed N58.85tn in Q1 2021, while PoS deals were worth N1.49tn during the same period.

The instant payments were carried out by bank customers via bank branches, Internet banking, mobile apps, Automated Teller Machines, and Unstructured Supplementary Service Data.

Analysis of the NIBSS data showed that the volume of transactions conducted using NIP and PoS was 967.51 million, a 91 percent increase from 506.53 million recorded in Q1 2020.

This is also a 6.47 percent increase from 908.70 million transactions conducted in the last quarter of 2020.

The total volume of online payment deals across the NIP platform was 734.06 million, while the volume of the PoS deals was 223.45 million in Q1 2021.

March had the highest PoS and instant payments in value and volume in the first quarter of 2021.

According to the NIBSS, in recent years, mobile phones and tablets have been the major channels used for NIP transactions.

Mobile phones and tablets were responsible for 78 percent of total transfer transactions in 2020.