Electronic Transactions in Nigeria Hit N576.41bn

Payments made via electronic systems rose by N576.41bn year-on-year, according to data from the Nigeria Inter-Bank Settlement System.

The data disclosed that N2.63tn was spent on e-bills from January 2022 to November 2022, a 28.14 percent increase from the N2.05trn that was spent in the corresponding period of 2021.

While the value of e-bills pay rose significantly in 2022, volume fell by 31.99 percent from 841,796 in the 11 months of last year to 1,111,087.

According to the NIBSS, e-bills are daily bill transactions that are accessible and seamless.

It said, “E-BillsPay is an electronic bill payment platform that facilitates the payment of bills, fees, levies, premiums, and subscriptions, etc. by the banking public through electronic payment channels provided and managed by banks.”

It added that the touch points for these payments include bank branches, Internet banking, mobile banking, USSD, and agent networks popularly known as POS agent services.

A recent survey by Mastercard disclosed that 91 percent of respondents in Nigeria said they used digital platforms to make financial transactions.

The report titled ‘Financial Inclusion – Connecting People to Finance, Health, and Education’ revealed that 46 percent of total respondents in all the countries in the survey was carried out chose utility bill payments and receiving salary as the most used digital financial transactions, followed by buying goods and services.

It said, “There is now a greater awareness of mobile money, combined with a broader diversification in its uses. Consumers are now more open to using mobile money for more than just transactions.

“They are using credit, savings, and insurance products; in many cases, mobile money is being used to receive payments for services or products. Consumers are also paying bills and buying products using mobile money.”

Punch/Hauwa Abu