E-Banking Transactions Through NIBSS Declined In April

Electronic transactions through the use of Point of Sale terminals (POS) electronic bills payment platform as well as funds transfers through the Nigeria Inter Bank Settlement System (NIBSS) Instant Payment channel reduced in April compared to March this year.

According to latest data made available by NIBSS, volume and value of transaction on both the NIBBS instant payment (NIP) and POS channels declined by 8.2 and 7.7 per cent in April this year compared to what was recorded in March.

NIBSS data showed that transaction volume through the NIP channel in April was 392.36 million as against 402.49 million recorded the previous month. The value of transactions also declined from N31.8 trillion in March to N29.17 trillion in April.

The situation was same for POS transactions where volume dropped to 94.95 million in April compared to 102.99 million transactions recorded in March, while the volume of transactions declined to N663.26 billion compared to N718.56 billion recorded in March.

Electronic bills payment channels also saw declines in both volume and value of transactions. Data released by NIBSS showed that total value of bills payment via electronic channels in April was N237.89 billion as against N260.87 billion recorded in March. Volume of transactions also dropped to 73,227 as against 94,323 that was recorded the previous month.

The situation was however better for mobile transactions where the volume was the only one that saw a decline to 41.97 million from 42.48 million in March this year. The volume on the other had grew slightly from N1.34 trillion in March to N1.37 trillion in April.

In total, the value of mobile inter-scheme transactions between January and April 2022 stood at N4.863 trillion, a 173 per cent improvement over N1.782 trillion that was transacted through the channel in 2021.

For the NIP, transactions value rose by 44 per cent to N114.8 trillion in the first four months of 2022, compared to N79.5 trillion that was recorded in the same period of 2021. POS transaction value for the first four months also rose to 2.53 trillion a 21 per cent increase over N1.99 trillion that was recorded in the comparable period of 2021.

Value of transactions on the electronic bills payment platform rose by 28.7 per cent from N716.99 billion in the first four months of 2021 to N923.18 billion in the first four months of 2022.