Nigerians transacted over N20tn instant payment transactions in May according to the Nigeria Inter-Bank Settlement System.

Transaction in May was 0.15 per cent higher than for April. Instant payment transactions in May also showed a spending recovery from the month of April. Volume of transactions increased to 279.417 million from 265.121 million in May, a 5.4 per cent increase.

The transactions by volume of mobile inter-scheme transaction increased by 7.46 per cent from 18.36 million in April to 19.73 million in May.