By: Damian Okonkwo
Nigeria's e-payments transactions attained a high record of N38.9 trillion in November 2022. According to the Nigeria Inter-Bank Settlement System (NIBSS), the country recorded its highest e-payments transactions so far in November 2022, with the total transactions rising to N38.9 trillion in November. This marked an over 12.7% increase compared to the N34.5 trillion recorded in the previous month.
The November data also brought the total e-payments made so far in 2022 to a total of N345 trillion.
A significant improvement was also witnessed in the e-payments transactions on a Year-over-Year (YoY) basis which rose by 50% YoY judging by the N25.9 trillion recorded in November 2021.
The total NIP volume for November increased to N492.2 million marking a 53.8% YoY increase compared to the N319.9 million recorded in November 2021.
Overall, Nigeria has made a significant improvement in its efforts towards running a cashless economy. The current data showed that more citizens have embraced the cashless methods for sending and receiving money within the country.
The e-payments transactions through NIP are an account number-tied method of payment created in 2011 by NIBSS. The CBN has pushed so hard to enforce this method of payment since then such that it has become today one of the most preferred money transfer system with fast execution.
Above all, an important reason why many have been attracted to use the NIP payment system is based on the fact that it is more reliable and easy to use. It also saves the user the time and stress of having to go to the bank to make such payments.