Transactions across various electronic payment channels rose marginally by 0.38 per cent to N21.27 trillion in May 2021, up from the N21.19 trillion recorded in April 2021.
Managing Director, Financial Derivatives Company Limited and a member of President Buhari’s Economic Advisory Council, Mr. Bismarck Rewane, gave the figure in a report titled: “Economic Policy: More Clarity and Less Ambivalence,” which he presented at the Lagos Business School’s executive breakfast session at the weekend.
The report showed that the value of transactions was flat due to the slow level of economic activities recorded last month.
Also, the volume of epayment transactions rose YoY by 178.2 million or 98 percent to 359.58 million in 2020 from 181.4 million in 2019.
Nigeria Interbank Settlement System (NIBSS) electronic payment data shows that the highest volume of transaction of 264 million was recorded in NIBSS Instant Payment (NIP) channel in 2020.
Further analysis shows that the channel with the highest value of transactions of N20 trillion in the year under review was NIP while that with the lowest value of transaction amounting N272 million was Central Pay.
The data also shows that transactions done using NIP, Point of Sale (PoS), Mobile transfer and E-billspay channels had significant increases in volume and value during the period.
It showed that while point of sales (PoS) transactions declined marginally to N503.96 billion in May, down from N507.86 billion the previous month; transactions via NIBSS Instant Payment climbed to N21.246 trillion, as against N21.191 trillion recorded the previous month. According to the report, May was a month of mixed economic data as Nigeria’s first quarter (Q1) 2021 Gross Domestic Product grew 0.5 per cent (1.36% below Q1 2020).
