E-payment transactions grew 2.1% to N29 trillion

The value of electronic payment channel transactions increased by 2.08 percent month over month (MoM) to N29.4 trillion in February 2022 from N28.8 trillion in January 2022.

Similarly, the number of e-payment transactions increased by 3.9 percent month over month, from 462.4 million in January 2022 to 480.77 million in February 2022.
 
According to the most recent data on electronic payments issued by the Nigeria Interbank Settlement System (NIBSS) yesterday, the volume of point-of-sale (PoS) transactions declined by 1.2 percent month on month to 88.9 million in February 2022 from 90 million in January 2022.
 
The value of PoS transactions, on the other hand, increased by 0.23 percent to N575.06 billion in January 2022, up from N573.7 billion in January 2021.
 
The volume of NIBSS Instant Payment (NIP) transactions increased by 2.09 percent to 355.6 million in February 2022 from 348.3 million in January 2022, while the value increased by 20% to N27.18 trillion from N26.6 trillion in January 2022, according to the study.
 
Mobile transaction volume increased by 9.5 percent to 35.82 million in February 2022, up from 32.69 million in January 2022, and transaction value increased by 3.8 percent to N1.09 trillion from N1.05 trillion.
 
Cheque transactions increased by 6.36 percent to 344,931 in February 2022 from 324,287 in January 2022, with a 9.5 percent increase in value to N259.8 billion from N237.2 billion in January 2022.
 
In February 2022, the volume of E-billsPay transactions increased by 8% to 89,628 from 82,912 in January 2022, while the value increased by 6.38 percent to N218.8 billion from N205.67 billion in January 2022.
 
However, the number of CentralPay transactions plummeted by 33% to 14,249 in February 2022, down from 21,311 in January 2022, and the value dropped by 24.5 percent to N143.54 million, down from N190.27 million in January 2022.