The value of e-payment transactions has dropped to N37.67 trillion in February 2023.

According to THE NATION, this is representing a 4.83 per cent decrease from the N39.58 trillion that was recorded in January 2023.Information Guide Nigeria

This was contained in a report by the Nigeria Inter-Bank Settlement System (NIBSS) yesterday.

NIBSS reports said that e-payment gateways use recorded a 41.29 per cent monthly increase.

THE NATION reports that the agency added that cashless transactions were done 901.46 million times in February, compared to 638 million times in January.

Despite the increase in usage due to the cashless policy and naira redesign initiated by the Central Bank of Nigeria (CBN), the total value of cashless transactions fell in February, thereby indicating an increase in the number of failed transactions.NYSC Portal

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In addition, the NIBSS also announced cashless transactions from the Nigeria Instant Payment System (NIPS) and Point of Sales (PoS) terminals.

According to THE NATION, total instant payment transactions fell to N36.79 trillion last month, compared to the N38.77 trillion recorded the previous month.

The report stated, “Mobile transfers, which serve as the primary payment gateway for many Nigerians, soared by 69.87 percent from 108.14 million times in January to 183.69 million times in February.

“While usage grew significantly, transaction value only grew marginally by 7.88 per cent from N2.37 trillion in January to N2.56 trillion in February,” the report said.JAMB Result

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