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Data released by the Nigeria Inter-Bank Settlement Systems (NIBSS) has revealed that transactions worth N38.9 trillion were performed electronically in November through the NIBSS Instant Payment platform (NIP)

Impressive growth: According to the NIBSS data, the November figure brought the total value of NIP deals in the last 11 months to N345 trillion.

Year on year, the e-payment value increased by 50% compared with the N25.9 trillion recorded in November last year.
The N38.9 trillion reported in November is also higher than the N34.5 trillion recorded in the preceding month of October by 12.7%.
The value of the e-payment recorded was a reflection of the increase in the volume of deals within the month. The NIP volume rose to 492.2 million in November, showing a 53.8% increase over 319.9 million recorded in the same period last year.

More growth anticipated: While the cashless policy of the Central Bank of Nigeria (CBN) is already gaining traction with many Nigerians embracing the use of the various e-payment channels for transactions, the revised cashless policy, which is further limiting the amount of cash that can be withdrawn by individuals and corporate organisations will further drive a surge in electronic transactions across the country.

According to the new policy which followed the redesigning of N1,000, N500, and N200 notes, effective from January 9, 2023, cash withdrawal by an individual will be limited to N100,000 a week, while corporate organisations have an N500,000 withdrawal limit in a week.

NIP Monthly analysis: An analysis of the 11 months data released by NIBSS showed that the NIP platform recorded N26.6 tillion transactions in January. Year on year, this was a 43.7% increase over N18.5 trillion recorded in the same month of last year.