The Nigeria Inter-Bank Settlement Systems (NIBSS) has revealed that Nigerians spent a remarkable N89.50 trillion through electronic channels in July 2024, setting a new record for monthly transaction values on the NIBSS Instant Payment platform.
This amount marks an impressive 89% increase compared to the N47.39 trillion recorded during the same period last year.
According to NIBSS’s latest data, the July figures have brought the total value of electronic transactions in Nigeria to N566.3 trillion from January to July 2024, approaching the N600 trillion recorded for the entire year of 2023, with five months still to go.
The NIBSS Instant Payment (NIP) system, launched in 2011, provides a real-time inter-bank payment platform for instant value transfers. Nigerian banks have made the NIP accessible to customers through various channels, including internet banking, mobile apps, USSD, ATMs, POS, and bank branches.
Additionally, NIBSS reported that the volume of NIP transactions in July 2024 surged to 907 million, reflecting a 22% increase from the 743 million transactions recorded in July 2023.
In February, NIBSS noted that cashless transactions in Nigeria had reached N611.06 trillion in 2023.
