Cashless economy expands as e-payment rise 26% to N271.6trn

When compared to the first nine months of the previous year (January to September 2021), the value of electronic payment transactions increased annually by 26% to N271.6 trillion.Infomation Guide Nigeria

Data from the Nigerian Inter–Bank Settlement Systems (NIBSS) showed that e-payment transactions of N32.8 trillion were carried out in September, which is 1.2 percent less than the N33.2 trillion in transactions carried out in August.

The growth in electronic transactions demonstrates that more Nigerians are adopting the Central Bank of Nigeria’s cashless policy (CBN).

According to NIBSS, an increase in the volume of trades throughout the month was reflected in the value of the e-payment that was recorded.

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From 296 million at the same month last year, the volume of NIBSS Instant Payments (NIP) increased by 48 percent to 438 million in September.

Over the years, Nigerian banks have exposed NIP to their clients via a variety of channels, including internet banking, bank branches, kiosks, mobile apps, Unstructured Supplementary Service Data (USSD), point-of-sale systems, ATMs, etc., claims NIBSS.Jamb Result 

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