According to data from the Nigeria Interbank Settlement System, the value of transactions through digital payment channels, the Nigeria Interbank Settlement System Instant Payment System, and point-of-sale terminals reached N60.34 trillion in the first quarter of 2021. (NIBSS)
According to the numbers, the two sites saw an 87.1 percent increase in payment volume compared to an aggregate of N32.25 trillion in the same span of 2020.
This represents a 12.55 percent improvement over the fourth quarter of 2020, when transactions totalled N53.61 trillion.
According to the numbers, NIP made N58.85 trillion in Q1 2021, while PoS deals made N1.49 trillion during the same time.
Bank customers made instant payments through bank branches, Internet banking, smartphone applications, Automated Teller Machines, and Unstructured Supplementary Service Data.
The number of transactions performed using NIP and PoS was 967.51 million in Q1 2020, up 91 percent from 506.53 million in Q1 2020, according to NIBSS reports.
According to the PUNCH survey, this is a 6.47 percent rise from the 908.70 million transactions completed in the fourth quarter of 2020.
In Q1 2021, the total number of online payment transactions on the NIP network was 734.06 million, while the volume of PoS transactions was 223.45 million.
In the first quarter of 2021, March had the largest amount and rate of PoS and instant transfers.
According to the NIBSS, cell phones and tablets have become the most used platforms for NIP transactions in recent years.
In 2020, mobile phones and laptops accounted for 78% of all transfer transactions.