• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, October 3, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home News

E-payment transactions hit N56.85trn

The Matters Press by The Matters Press
January 7, 2019
Reading Time: 2 mins read
0
Jaiz Bank expands with new branches

Naira

Naira

Reports from the Nigerian Interbank Settlement System (NIBSS), have indicated that Nigeria’s electronic payment (e-payment) services, recorded transactions worth N56.85 trillion from January to September, 2018.

RELATED POSTS

Think Tank welcomes first interest cut in 5 years, notes that CBN decision aligns with its projection ‎

Atiku’s hunger revolution, delusional – TMSG

‎Fubara, lawmakers’ position vindicate President Tinubu’s emergency rule declaration-TMSG

The report showed an increase of N16.4 trillion when compared to the N40.45 trillion that was recorded in the corresponding period of 2017.

The report showed that most of the electronic transactions were done through the NIBSS Instant Payment (NIP), Point of Sale (PoS), Automated Transfer Machines (ATMs), Mobile Money, Electronic Bills Payment (E-Bills) and Web payments.

A breakdown of the report showed that ATMs transactions grew from N4.61 trillion in 2017 to N4.76 trillion at the end of the third quarter of 2018.

Also, the volume of transactions on ATMs under the period in review grew from 560.86 million in 2017, to 650.06 million in 2018.

The report showed a rise of about N635 billion in the use of POS machines to carry out payments by Nigerians.

Under the review period, 98.73 million transactions worth N975 billion were carried out using POS in 2017, while in 2018, the volume grew to 196.83 million, valued at N1.61 trillion.

Similarly, the volume of transactions carried out by Nigerians, using mobile money rose from N795.18 billion in 2017, to N1.22 trillion as at Sept, 2018.

Also, using the web payment channel, the total value of transactions under the review period rose from N129.24 billion in 2017, to N183.07 billion in 2018.

However, the value of such transactions on e-bill payments, which allowed customers to pay utility bills such as power, cable and so on online, declined from N420.73 billion in 2017 to N370 billion in 2018.

Meanwhile a Financial analyst, Dr Patricia Auta, has said that the NIBSS report showed an increased awareness and use of technology by individuals and businesses in the country.

Auta urged the Central Bank of Nigeria (CBN), to intensify efforts on cashless economy, especially in states, to further grow the electronic payment space.

She also advised banks to stay competitive and drive growth by providing innovative alternate payment channels to customers.

Tags: E-payments
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Consumer commission, CBN, EFCC investigate violations in money lending
Economy/Technology

Think Tank welcomes first interest cut in 5 years, notes that CBN decision aligns with its projection ‎

September 24, 2025
Drop your frustration, let President Tinubu be, Group picks on Atiku
Economy/Technology

Atiku’s hunger revolution, delusional – TMSG

September 23, 2025
‎Fubara, lawmakers’ position vindicate President Tinubu’s emergency rule declaration-TMSG
Economy/Technology

‎Fubara, lawmakers’ position vindicate President Tinubu’s emergency rule declaration-TMSG

September 22, 2025
2023 maritime, shipping outlook force experts to call for aid
Economy/Technology

Leap in non-oil exports gain of Nigeria:s economic diversification ‎

September 17, 2025
NBS reports increase in Inflation
Economy/Technology

Think Tank ‎projects 17% inflation rate by year-end, urges CBN to ease benchmark rate ‎

September 17, 2025
Old pension scheme beneficiaries get a boost in entitlements
Economy/Technology

‎GROUP LAUDS INSURANCE SCHEME FOR RETIREES IN NIGERIA. ‎

September 14, 2025
Next Post
Kenya hits the globe for oil investment

Deregulation good for downstream sector

Closing in on new minimum wage

Closing in on new minimum wage

Recommended Stories

Nigeria to rebase CPI, GDP

Nigeria’s 18% tax to GDP target to moderate borrowing excites stakeholders

August 12, 2023
Boko Haram disputes Prophet Muhammed’s birthday

Is Shekau, deadly Boko Haram’s leader dead?

May 21, 2021
Tinubu, Lula da Silva of Brazil meet, discuss bilateral ties

Tinubu, Lula da Silva of Brazil meet, discuss bilateral ties

February 19, 2024

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Think Tank welcomes first interest cut in 5 years, notes that CBN decision aligns with its projection ‎
  • Atiku’s hunger revolution, delusional – TMSG
  • ‎Fubara, lawmakers’ position vindicate President Tinubu’s emergency rule declaration-TMSG

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us