Media Updates

Nigerians’ use of mobile channels for payment transactions has risen by 3,454.46 per cent from N136.85bn within the first four months of 2019 to N4.86tn in the corresponding period of 2022, according to data from the Nigeria

The amount Nigerians spent on electronic bills such as power and other utilities grew by 387.19 per cent from N189.50bn in the first four months of 2019 to N923.24bn in the corresponding period of 2022

Cashless transactions rose by 44 per cent year-on-year to hit N117.33tn in the first four months of 2022, according to data from the Nigeria Inter-Bank Settlement System. From January 2022 to April 2022, N117.33tn

Transactions through electronic payment (e-payment) channels increased by 17.93 per cent to N34.67 trillion in March 2022, from N29.4 trillion recorded in the previous month, a report by Financial Derivatives Company Limited (FDC), has shown.

About N54.98tn was processed through Nigeria’s electronic channels in the first two months of 2022, according to data from the Nigeria Inter-Bank Settlement System portal.

Enrolments for the Biometric Verification Number (BVN) by bank account owners in the country rose by 2.3 million in the last three months, New Telegraph has learnt.

Nigeria’s acceptance for digital means of payment has improved in recent time, however, the Christmas festivity contributed significantly to the surge in the review year.

Point of sale (PoS) transactions increased usage as the value of transactions on the platform for 2021 rose to N6.43 trillion, a 36 per cent improvement compared to N4.72 trillion recorded in 2020.

Indeed, a sound payment system infrastructure, where operators and customers can transact business with confidence and convenience, trust and timeliness, underpins many of these reforms.

COVID-19 has changed the digital landscape and has heralded an era of innovation and products that will be digital focused as well as achieve the contactless target even post-pandemic