The volume of electronic payment transactions increased year-on-year (YoY) by 298 percent to N135.52 trillion in the first quarter of the year (Q1’23) from N34.04 trillion in Q1’22.
The comes amid cash scarcity occasioned by naira redesign policy of Central Bank of Nigeria (CBN), which compelled Nigerians to opt for electronic transactions.
The e-payment data from the Nigeria Inter-bank Settlement System (NIBSS) released on Monday showed that the number (volume) of e-payment transactions shot up by 984 percent to 4.7 billion in Q1’23 from 433.4 million in Q1’22, while the value rose year-on-year (YoY) by 298 percent to N135.52 trillion in the first quarter of the year (Q1’23) from N34.04 trillion in Q1’22.
Analysis of data showed that the value of e-payment transactions stood at N42.42 trillion in January but went down by 4.3 percent, month-on-month, to N40.6 trillion in February from where it rose by 34 percent to N54.5 trillion in March.
The volume of e-payment transactions stood at 1.12 billion in January rising by 29 percent, MoM to 1.45 billion in February and up by 46 percent, MoM to 2.13 billion in March.
NIBSS Instant Payment (NIP) channel had the highest value of transactions with N123.72 trillion and the largest volume of transactions with 2.5 billion during the period.