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The value of electronic payments in Nigeria rose to N278.38tn in 2021, from N162.89tn in 2020, data obtained from the Nigeria Inter-Bank Settlement System has shown.
This implies that between 2020 and 2021, the value of electronic transactions carried out in Nigeria rose by 71 per cent or N115.49tn
E-payment transactions are monitored on the NIBSS through the Nigeria Instant Payment System and Point of Sales terminals.
According to NIBSS, between January and December 2020, the total volume of NIP transactions in the country stood at 2.03 billion, amounting to N158.16tn.
The number of NIP transactions rose to 3.47 billion in 2021, amounting to N271.95tn.
Meanwhile, the aggregate volume of PoS transactions conducted in 2021 stood at 982.83million, at a value of N6.43tn, up from 655.7million recorded in 2020 with a value of N4.73tn.
A breakdown of total NIP transactions carried out in 2021 shows that a total of 228.76 million NIP transactions valued at N18.50tn was recorded in January, while 230.256 million transactions worth N18.33tn was done in February.
In March, the transactions rose to 275.04 million, amounting to N22.02tn while 265.12 million transactions valued N20.69tn were carried out in April.
The total number of transactions rose to 279.42 million valued at N20.72tn in May; 287.02 million transactions worth N23.12tn in June; and 294.34 million valued at N22.42tn in July.
A total of 293.99 million transactions, amounting to N22.13tn, were recorded in August; 296.15 million transactions worth N23.52tn in September; 311.35 million valued at N24.31tn in October; and 319.93 million transactions worth N25.94tn in November.
The NIBSS revealed that in December, a total of 391.82 million, amounting to N30.25bn was recorded.
For PoS, the data showed that an aggregate of 70.88 million transactions worth N489.24bn was carried out in January; 71.63 million transactions (N468.91bn) in February;
In March and April, 80.95 million transactions valued at N531.38bn and 77.61 million transactions, worth N507.86bn, were recorded, respectively.
The total number of PoS transactions rose to 79.08 million (N503.96bn) in May and 81.97 million (N503.91bn) in June but fell to 81.62 million (N554.67bn) in July and 75.55 million (N504.88bn) in August.
The PoS transactions rose to 87.71 million (N556.36bn) in September and 91.39 million (N552.26bn) in October but fell to 84.92 million (N560.27bn) in November.
In December, PoS transactions climbed to 99.54million valued at N699.75bn.
In the third edition of its insight, NIBSS noted that the COVID-19 pandemic had changed the e-payments landscape forever as it accelerated the adoption of instant payments as the population transitioned to electronic channels for funds exchange in the wake of government-imposed lockdowns.
The increased adoption of NIP for transactions continued even amid increased fraud occurrences on e-payment channels as shown in the analysis.
On whether oil workers would support the probe by the National Assembly as touching petrol consumption in Nigeria, the General Secretary, PENGASSAN, Lumumba Okugbawa, told our correspondent that the association would back whatever would bring transparency in the petrol supply business.
He said, “Any action that will help bring transparency in the oil and gas (sector) will be a welcome development.
“We believe that if smuggling, for example, is reduced to the barest minimum, the figures touted today as daily consumption will be significantly low.”
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