Nigeria: Instant Payment Hits N38.2trn Transactions Milestone in 2016 – NIBSS

31 March 2017

Money Transfer

The Nigeria Inter-Bank Settlement System Plc (NIBSS) has said total volume of Instant Payment (NIP) transactions recorded 154.5 million with value of N38.2 trillion in 2016. This is an increase of 117 per cent increase from last year instant payment transactions.

Of the four Africa countries observed by NIBSS, Nigeria has $124 million in value of Instant Payment Market in 2016 while Ghana has $204,000 in value of instant payment transactions. NIBSS in its report said Egypt and Kenya had $66.700 and $39.800 in value of Instant Payment transaction in 2016.

According to the report, successful rate on key payment channels in 2016 rose by 99 per cent on Instant payment. Automated Teller Machine (ATM) and Points of Sales (POS) increased by 89 per cent and 86 per cent in 2016 respectively.

Instant payment Transactions by Channel according to NIBSS report noted that Mobile transactions recorded 60.1million while Internet Banking transaction recorded 41.6 million in 2016. Others include, 28.5 million banker teller transactions; USSD transactions recorded 18.8 million; Third Party payment last year was at 7.9 million; ATM has 0.4million; Merchant, 0.3 million and 0.0 million on POS.
Source: Financial Technology 29 March 2017