E-payment transactions rise 52% to N42.5tr -NIBSS

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The volume of electronic payment (e-payment) transactions in Nigeria rose YoY by14.8 percent to 1.06 billion in November 2022 from 922.65 million in the corresponding period of 2021.

Similarly, the value of e-payment transactions rose year-on-year (YoY) by 51 per cent to N42.5 trillion in November 2022 from N27.9 trillion in the corresponding period of 2021.

However, from the e-payment data released yesterday by the Nigeria Interbank Settlement System (NIBSS) showed that mobile transfers had the highest growth in volume and value of transactions during the period.

The volume of mobile transfers rose by 180.6 percent to 87.8 million in November 2022 from 31.28 million in November 2021.

Similarly, in November 2022, the value of mobile transfers rose by 43 per cent to N2.1 trillion from N957.4 billion in November 2021.

The data also showed that the volume of NIBSS Instant Payment (NIP) transactions rose by 53 percent to 492.2 million in November 2022 from 319.9 million in November 2021 and its value rose by 48 percent to N38.95 trillion from N25.9 trillion in November 2021.