from OKORO CHINEDU in Lagos, Nigeria
Nigeria Bureau
LAGOS, (CAJ News) – THE robust growth of electronic payment transactions since the beginning of the year is a major boost by Nigeria to transform to a cashless society.
According to most recent data from the Nigeria Inter-Bank Settlement System (NIBSS), the total value of electronic transactions processed under the NIBSS Instant Payments (NIP) platform between January to July 2024 saw a remarkable increase of 86 percent year on year (y/y) to ₦566,4 trillion (US$339,5 billion.
In addition to the surge in NIP electronic transactions, all payments processed through all other electronic channels grew y/y to July.
During the period, the total value of transactions done through the mobile channel rose by 63 percent y/y to N6,2 trillion.
Also, payments processed through the Point-of-sale (PoS) channel also saw an increase of 9 percent to N1 trillion.
FBN Quest, the market watcher, forecast further growth in e-payments.
“Looking ahead, we expect that the Central Bank of Nigeria’s ongoing effort towards a cashless society and the growing emergence of fintech companies will continue to push the widespread adoption of electronic payments in Nigeria,” said Tunde Abidoye, Head of Equity Research at FBNQuest.
The Nigerian cashless policy aims to transition the country towards a more digital and efficient financial system.
It aims to curb challenges including high cash handling costs and risks associated with carrying cash.
– CAJ News