Efforts by the Central Bank of Nigeria (CBN) to ensure efficient payment system in the country appears to be yielding fruits as transactions worth N33.2 trillion were performed electronically in the month of August through the Nigeria Inter-Bank Settlement Systems (NIBSS) Instant Payment platform (NIP).
The NIBSS Instant Payments (NIP) is an account-number-based, online-real-time Inter-Bank payment solution developed in the year 2011 by NIBSS. It is the Nigerian financial industry’s preferred funds transfer platform that guarantees instant value to the beneficiary.
Data from NIBS indicates that the figure came as an all-time high e-payments value recorded in a month since the deployment of the platform. Compared to the N29.3 trillion recorded in July, this shows a 13.3 per cent growth.
Year on year, the e-payment value increased by 50 per cent compared to N22.1 trillion recorded in August last year. NIBSS says the value of e-payment recorded was a reflection of an increase in the volume of deals within the month.
The NIP volume rose to 448 million in August, showing a 10.6 per cent increase over 405 million recorded in July.
