• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Sectors Tech News

E-payment transactions in Nigeria hit monthly all-time high of N33.2 trillion in August 2022

Samson Akintaro by Samson Akintaro
September 11, 2022
in Tech News
Top 10 banks in Nigeria by e-business income in half year 2022
Share on FacebookShare on TwitterShare on Linkedin

Data released by the Nigeria Inter-Bank Settlement Systems (NIBSS) has revealed that transactions worth N33.2 trillion were performed electronically in August through the NIBSS Instant Payment platform (NIP). This brings the total value of e-payment deals in the last 8 months to N238.7 trillion

The NIBSS data also shows that the August 2022 record came as an all-time high e-payments value recorded in a month since the deployment of the platform.

Compared to the N29.3 trillion recorded in July, this shows a 13.3% growth. Year on year, the e-payment value increased by 50% compared to N22.1 trillion recorded in August last year.

RelatedStories

Active bank accounts

Active bank accounts in Nigeria rise to 320 million in March 2025 – NIBSS 

July 26, 2025
Nigeria’s central bank says both merchant and consumer can now present QR Codes for payment

E-payment transactions in Nigeria hit N284.9 trillion in Q1 2025 

July 26, 2025

The surge in electronic transactions shows that more Nigerians are embracing the cashless policy of the Central Bank of Nigeria (CBN).

According to NIBSS, the value of e-payment recorded was a reflection of the increase in the volume of deals within the month. The NIP volume rose to 448 million in August, showing a 10.6% increase over 405 million recorded in July.

Monthly analysis

  • An analysis of the 8 months data just released by NIBSS showed that the NIP platform recorded N26.6 billion transactions in January. Year on year, this was a 43.7% increase over N18.5 trillion recorded in the same month of last year.
  • Similarly, in February, deals worth N27.2 trillion were sealed over the electronic platform. Compared with February 2021 when N18.3 trillion was recorded, this represented 48.6% growth.
  • In March, the platform recorded 31.8 trillion transactions, a 44.5% increase over the N22 trillion recorded in the same month last year.
  • The value of transactions on the NIP platform stood at N29.2 trillion in April this year. This also shows a 41.6% increase over the N20.6 trillion recorded in April 2021
  • In May, the value of e-payment transactions stood at N29.6 trillion, a 43% increase compared with N20.7 trillion recorded in the same period last year.
  • The NIP transactions rose to N31.7 trillion in June 2022, a 37% growth over N23.1 trillion posted same time in 2021.
  • The data for July also reflected a 31% increase from N22.4 trillion last year to N29.3 trillion this year.
  • For August, the value of e-payments in Nigeria increased by 50% to N33.2 trillion compared to N22.1 trillion recorded in the same period last year.

The NIBSS Instant Payments (NIP) is an account-number-based, online-real-time Inter-Bank payment solution developed in the year 2011 by NIBSS. It is the Nigerian financial industry’s preferred funds transfer platform that guarantees instant value to the beneficiary.

According to NIBSS, over the years, Nigerian banks have exposed NIP through their various channels, that is, internet banking, bank branch, Kiosks, mobile apps, Unstructured Supplementary Service Data (USSD), POS, ATM, etc. to their customers.


Follow us for Breaking News and Market Intelligence.
Tags: FeaturedNIBSSNIBSS Instant Payment platformNigeria Inter-bank Settlement Systems
Samson Akintaro

Samson Akintaro

Samson Akintaro is a tech enthusiast and has over a decade experience covering and writing about the tech industry. He is currently the Tech Analyst at Nairametrics.

Related Posts

Active bank accounts
Financial Services

Active bank accounts in Nigeria rise to 320 million in March 2025 – NIBSS 

July 26, 2025
Nigeria’s central bank says both merchant and consumer can now present QR Codes for payment
Sectors

E-payment transactions in Nigeria hit N284.9 trillion in Q1 2025 

July 26, 2025
CBN, forex
Financial Services

CBN clarifies NRBVN charges, says BVN enrolment remains free for Nigerians in Nigeria 

July 7, 2025
CBN, forex
Breaking News

Court upholds CBN-backed NIBSS Authority to manage BVN Database nationwide 

July 4, 2025
Buy Now, Pay Later market in Nigeria to hit $2.61 billion by 2030, driven by fintech expansion 
Business News

Buy Now, Pay Later market in Nigeria to hit $2.61 billion by 2030, driven by fintech expansion 

June 27, 2025
Over 400 million Africans still financially excluded despite fintech growth – AfricaNenda CEO 
Financial Services

Over 400 million Africans still financially excluded despite fintech growth – AfricaNenda CEO 

June 20, 2025
Next Post
Soft life: How to flex like Tony Elumelu

Soft life: How to flex like Tony Elumelu

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Palmpay

first bank








DUNS

Recent News

  • Seplat Energy posts N139.5 billion pre-tax profit in Q2 2025, declares US$4.6 cents dividend 
  • Top 10 cheapest unlimited data plans in Nigeria as of July 2025 
  • IATA forecasts Africa aviation to grow 4.1% yearly and double by 2044 

Follow us on social media:

Recent News

Seplat confirms 2023 AGM will hold as scheduled 

Seplat Energy posts N139.5 billion pre-tax profit in Q2 2025, declares US$4.6 cents dividend 

July 31, 2025
Top 10 states with the highest number of internet users in Nigeria 

Top 10 cheapest unlimited data plans in Nigeria as of July 2025 

July 31, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

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

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics