According to the Nigeria Inter-Bank Settlement System (NIBSS), cashless transactions increased by 44% year on year to N117.33 trillion in the first four months of 2022.
In a report titled ‘Instant Payments – 2020 Annual Statistics’, the NIBSS said cashless transactions are monitored through the Nigeria Instant Payment System and Point of Sales terminals.
From January 2022 to April 2022, N117.33tn was processed through electronic channels, which is N35.79tn more than N81.54tn that was processed in the corresponding period of 2021.
In January 2022, N27.22tn was processed electronically in the nation, this increased to N27.76tn in February, N32.52tn in March, and N29.84tn in April 2022.
Electronic channels were used 1.88 trillion times in the first four months of 2022, representing a 44.26 percent increase over the 1.3 trillion times used in the same period in 2021.
This maintains the growth seen in electronic payment following the onset of the COVID-19 pandemic.
According to the NIBSS, COVID has altered the e-payments landscape and has accelerated the adoption of instant payments as people shift to electronic channels for funds exchange.