The value of transactions via the two digital payment platforms – Nigeria Interbank Settlement System Instant Payment System and Point of Sales terminals – rose to N111.29tn from January to September this year.

The two platforms recorded a 44 per cent growth in value of payments when compared to an aggregate of N77.49tn in the corresponding period in 2019.

A breakdown of data obtained from Nigeria Interbank Settlement System showed that NIP grossed N105.3tn from January to September this year while PoS deals were worth N6.4tn during the same period.

In the first nine months of 2019, total NIP transactions amounted to N75.53tn while PoS payments were valued at N2.24tn during the same period.

In January this year, instant money transfers valued at N10.3tn were reported by NIBSS, compared N8.11tn in the same month in 2019.

In the following month, the value of NIP transactions was N9.97tn compared N7.47tn NIP deals recorded in February 2019.

The banks grossed NIP transactions valued at N10.97tn in March 2020 as against N8.58tn in the same month last year.

NIBSS statistics showed that in April this year when Lagos, Ogun and Abuja, among other states were on total lockdown, the value of instant transfers dropped to N7.01tn compared with N8.28tn in April 2019.

In May this year, the value of the transfers increased to N10.41tn as against N9.04tn in the same period last year.

The value of NIP deals in June 2020 was valued at N12.26tn compared with N7.87tn recorded in the corresponding period of 2019.

In the following month, instant transfers valued at N14.34tn were recorded as against N8.97tn in July 2019.

August saw the value of NIP transactions peak at N14.65tn as against N8.73tn in the same month last year.

In September, NIP payments were worth N15.4tn as against N8.48tn in 2019.

Analysis of the NIBSS data showed that the value of Point of Sales transactions also grew by 186 per cent to reach N6.4tn from January to September 2020 as against a total of N2.24tn recorded in the first nine months of 2019.

First Published on The Punch