Nigeria’s E-payment transactions hit N56.85tr, say reports – Reports from the Nigerian Interbank Settlement System (NIBSS) have indicated that Nigeria’s electronic payment (e-payment) services, recorded transactions worth N56.85 trillion from January to September, last year.
The report, obtained by the News Agency of Nigeria (NAN) yesterday, showed an increase of N16.4 trillion when compared to the N40.45 trillion that was recorded in the corresponding period of 2017.
The report showed that most of the electronic transactions were done through the NIBSS Instant Payment (NIP), Point of Sale (PoS), Automated Transfer Machines (ATMs), Mobile Money, Electronic Bills Payment (E-Bills) and Web payments.
A breakdown of the report showed that ATMs transactions grew from N4.61 trillion in 2017 to N4.76 trillion at the end of the third quarter of 2018.
Also, the volume of transactions on ATMs under the period in review grew from 560.86 million in 2017, to 650.06 million in 2018.
The report showed a rise of about N635 billion in the use of POS machines to carry out payments by Nigerians.
Under the review period, 98.73 million transactions worth N975 billion were carried out using POS in 2017 and in 2018, the volume grew to 196.83 million, valued at N1.61 trillion.
Similarly, the volume of transactions carried out by Nigerians, using mobile money rose from N795.18 billion in 2017, to N1.22 trillion as at September 2018.
Also, using the web payment channel, the total value of transactions under the review period rose from N129.24 billion in 2017 to N183.07 billion 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 N420.73 billion in 2017 to N370 billion in 2018.
A financial analyst, Dr. Patricia Auta, said the NIBSS report showed an increased awareness and use of technology by individuals and businesses in the country.
Auta urged the Central Bank of Nigeria (CBN) to intensify efforts on cashless economy, especially in states, to further grow the electronic payment space.
She advised banks to stay competitive and drive growth by providing innovative alternate payment channels to customers.

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This has urged the fast relinquishment of the cell expertise trend. Stay Hopeful: Hope can appeal to like-minded people. Keep an Open Mind: Use your profile to precise your openness to assembly diverse people and exploring totally different connections. From setting up a pretty profile to the security precautions it’s best to take – we’ll let you in on a couple of methods, insights, and shortcuts that’ll make the going a little bit smoother. If you happen to enter each date thinking “This could be ‘The One,’†you’re most likely not going to benefit from the expertise very a lot. Whether you want to strive to satisfy someone on-line or you’re presently in the center of one, these pieces of recommendation will certainly aid you out. While it is necessary not to leap to conclusions too rapidly, being aware of these warning indicators can help you make informed decisions about continuing the connection. While the overall guidelines apply, there are a few further suggestions that would assist you set your finest foot forward and make your Hinge profile a reduce above the rest. You do not have to write a book when creating your profile.
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