•As volume of PoS transactions falls


By Elizabeth Adegbesan

The value of transactions performed through electronic payment channels rose month-on-month, (MoM) by 2.08 per cent to N29.4 trillion in February 2022 from N28.8 trillion in January 2022.


Similarly, the volume of e-payment transactions grew MoM by 3.9 per cent to 480.77 million in February 2022 from 462.4 million in January 2022.

The latest data on electronic payment released by the Nigeria Interbank Settlement System (NIBSS) yesterday showed that MoM, the volume of Point of Sale (PoS) transactions fell by 1.2 per cent to 88.9 million in February 2022 from 90 million in January 2022.

However, the value of PoS transactions rose by 0.23 per cent to N575.06 billion from N573.7 billion in January 2022.

The report also shows the volume of NIBSS Instant Payment (NIP) transactions rose by 2.09 per cent to 355.6 million in February 2022 from 348.3 million in January 2022, while its value rose by 20 per cent to N27.18 trillion from N26.6 trillion in January 2022.

The volume of mobile transactions also rose by 9.5 per cent to 35.82 million in February 2022 from 32.69 million in January 2022, while its value rose by 3.8 per cent to N1.09 trillion from N1.05 trillion in January 2022.

The volume of cheque transactions rose by 6.36 per cent to 344,931 in February 2022 from 324,287 in January 2022 while its value rose by 9.5 per cent to N259.8 billion from N237.2 billion in January 2022.

Similarly, the volume of E-billsPay transactions rose by eight per cent to 89,628 in February 20220 from 82,912 in January 2022, while its value rose by 6.38 per cent to N218.8 billion from N205.67 billion in January 2022.

However, the volume of CentralPay transactions fell by 33 per cent to 14,249 in February 2022 from 21,311 in January 2022, while its value fell by 24.5 per cent to N143.54 million from N190.27 million in January 2022.

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