Business

December 8, 2022

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

By Elizabeth Adegbesan

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.

Vanguard findings 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.

The volume of Point of Sale (PoS) transactions also rose by 2.2 percent to 86.78 million in November 2022   from 84.9 million in November 2021 and its value rose by 35 percent to N759 billion   from N560 billion in November 2021.

However, the volume of E-bills transactions fell by 36 percent to 54 million in November 2022 from 85 million in November 2021 while its value rose by 4.0 percent to N213 billion from N204 billion in  November 2021.

Also the volume of CentralPay transactions fell by 79 percent to 4.6 million in November 2022   from 22 million in November 2021 while its value fell by 46 percent to N97.8 million from N183 million in November 2021.

Similarly, the volume of Automated Direct Debit transactions fell by 32 percent to 1.39 million  from 2.07 million while its value rose by 22 percent to N176.6 billion from N215.7 billion 2021.

The volume of cheque transactions also declined by 11 percent to 335.8   million   in November 2022 from 377.5 million in November 2021 while its value fell by 0.7 percent to N279.8 billion from N281.8 billion in November 2021.