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According to data from the Nigeria Inter-Bank Settlement System, Nigerians spent N272 trillion on electronic transactions in the first nine months of 2022 (from January to September).

Compared to the N216 trillion in transaction value that was registered over the same period in 2021, this represents a 42% increase.

This information was provided by NIBSS in the most recent data it had available, which Ripples Nigeria acquired on Friday. According to the report’s other payment channels, mobile (inter-scheme) channel transactions surged by 153% to N12.9 trillion from N5.1 trillion in the same period last year.

According to NIBSS data, the amount of point-of-sale transactions made through PoS channels climbed by 31% to N6.1 trillion in the nine months ending September 30, 2022, from N4.6 trillion in the same period of 2021.

The e-bills pay channel, which is specifically used for regular bill payments, increased by 37% to N2.2 trillion from N1.6 trillion at the same time in 2021.

Additionally, the poll revealed a drop in the acceptance of checks as payment.

In the nine months that ended in September 2022, cheque payments were N2.4 trillion, an increase of 4.3% over the N2.3 trillion reported the year prior.

First Publised on TechEconomy