Cashless Transactions Recorded At N318.66tn in 11 months (SEE DETAILS)

Nigeria cashless transactions has risen from 41.75 per cent to N318.66tn in 11 months of 2022 according to the statistics from the Nigeria Inter-Bank Settlement System.

The total amount processed on the Nigeria Instant Payment System amounted to N318.66tn and the calculated cashless transactions have been monitored on the NIBSS. In 2021, the figure was N224.79tn.

Total NIP transactions for the period was N311.81tn and PoS transactions amounted to N6.85tn, indicating a strong uptake in digital payments in the nation. There has been sustained growth in electronic payment since the COVID-19 pandemic.

In its ‘Instant Payments – 2020 Annual Statistics’ report, the NIBSS revealed that the pandemic changed the e-Payments landscape and accelerated the adoption of instant payments as more people adopted electronic channels for funds exchange.

The growth of e-payment has not been lost on the government. In the Finance Act of 2020, the Federal Government introduced an Electronic Money Transfer Levy to raise revenue from digital payments in the nation.