Cashless Transactions Rise To N318 Trillion In 11 Months

According to the new industry statistics from the Nigeria Inter-Bank Settlement System, cashless transactions in Nigeria in the first 11months of 2022, has increased to N318.66 trillion.

The N318.66 trillion is the total amount the Nigeria Inter-Bank Settlement System, cashless transactions in Nigeria in the first 11months of 2022, processed on the Nigeria Instant Payment System and Point of Sales terminals, which is how cashless transactions are monitored on the NIBSS.

In the corresponding period of 2021, the total amount of cashless transactions recorded by the NIBSS was N224.79 trillion, which indicates a 41.75 per cent increase.

Total NIP transactions for the period was N311.81 trillion and PoS transactions amounted to N6.85 trillion which reflects  a strong uptake in digital payments in the nation. 

According to its ‘Instant Payments – 2020 Annual Statistics’ report, the NIBSS revealed that the pandemic changed the e-Payments landscape and accelerated the adoption of instant payments as more people adopted electronic channels for funds.