The total value of transactions in Nigeria increased by 17.48 percent to N95.31 trillion in July from N87.45 trillion in the previous month.
The surge in Nigeria’s foreign transactions, reaching N540.48 billion in the first half (H1) 2024, contributed to the increase according to the Managing Director/CEO, Financial Derivatives Company Limited Mr. Bismarck Rewane.
In his Lagos Business School breakfast session presentation, Rewane said foreign transactions, skyrocketed by 272.54 percent from N145.08 billion compared with H1 2023.
Further breakdown according to the him, showed that transactions through the Nigerian Interbank Settlement System (NIBSS) Instant Payment rose from N79.586 trillion in June to N89.502 trillion in July 2024. Transactions through the Point of Sales Terminal (PoS) rose by 8.02 percent from N930.76 billion to N1.005 trillion.
Meanwhile, available records show that Electronic payment transactions in Nigeria witnessed a remarkable surge in the first quarter of 2024, hitting a total of N234 trillion, which was an 89.3 percent increase from the N123.8 trillion recorded in the corresponding period of 2023.
The significant growth trajectory was unveiled in latest data released by the Nigeria Inter-Bank Settlement System (NIBSS), highlighting the expanding digital footprint within the country’s financial ecosystem.
However, Point of Sale (POS) transactions witnessed a 7.92 percent downturn in the review period, dropping from N2.84 trillion in Q1 2023 to N2.61 trillion in the first quarter of this year.
A breakdown of the electronic payment landscape revealed that January witnessed transactions amounting to N72.11 trillion, indicating a substantial uptake in digital financial services. This trend continued into February, with the total transaction value surging to N79.33 trillion, reflecting sustained momentum and increasing reliance on electronic payment platforms. As the quarter progressed, March saw a further increase in electronic transactions, reaching a noteworthy N83.05 trillion.
The consistent growth witnessed month-on-month underscored the burgeoning prominence of e-payment solutions in Nigeria’s financial landscape, signifying a shift towards greater digitalisation and efficiency in financial transactions.
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