Cashless transactions in Nigeria rose by 40.66 per cent year-on-year to N210.08 trillion in the first seven months of 2022, according to data from the Nigeria Inter-Bank Settlement System, NIBSS.
From January to July 2022, N210.08tn was processed on the Nigeria Instant Payment System (NIP) and Point of Sales terminals (PoS), which explain how cashless transactions are monitored on the NIBSS.
This is N60.73tn higher than the N149.36tn value in the corresponding period of 2021. In the period under review, NIP transactions hit N205.48tn, which is N59.68tn higher than the N145.79tn value in the corresponding period of 2021.
Also, PoS transactions grew by N1.05tn, from N3.56tn in the first seven months of 2022 to N4.61tn in the corresponding period of 2021. The data from the NIBSS also suggested increased usage of electronic payment gateways as the NIP and PoS terminals were used 1 billion more times from January to July 2022 than they were used in the corresponding period of 2021.
The two payment terminals were use 3.41 billion times in the period under review and 2.40 billion times in the corresponding period of 2021.
