The value of transactions carried out online by bank customers jumped to N22.77tn in March 2021, the latest data from the Nigeria Inter-Bank Settlement System have shown.
This shows a growth of 99 per cent from the mobile transaction figures of N11.44tn recorded in the corresponding period of 2020.
Bank customers conducted the transactions on the NIBSS Instant Payment, Point of Sales and e0lectronic bills platforms.
NIP was the most preferred platform in March, accounting for N22.02tn of the total online transactions’ value.
The instant payments were carried out by customers via bank branches, Internet banking, mobile apps, Automated Teller Machines and Unstructured Supplementary Service Data.
Transactions completed through PoS terminals in the month came to N531.38bn.
The value of electronic bill payments for the month was N212.92bn in the month under review.
The volume of NIP deals also grew by 103.3 per cent to 275.04 million in March 2021, compared with 135.3 million transactions recorded in the corresponding month in 2020.
The NIBSS data showed that the value of electronic bills deals increased by 98.9 per cent to N212.92bn in March, compared with the corresponding period in 2020 when payments were worth N107.06bn.
March had the highest PoS and instant payments in value and volume in the first quarter of the year.
