Grapevine

By Punch
Sep 26, 2024

E-payment transactions grow by 86% – NIBSS

In June this year, the value of e-payment transactions stood at N79.59tn, up from N45.31tn in June 2023.

The NIP, launched in 2011 by NIBSS, is an online real-time interbank payment platform that enables instant value transfers.

Banks have since made the NIP platform accessible to customers through various channels, such as internet banking, mobile apps, USSD, ATMs, POS, and bank branches.

Similarly, May saw a total of N87.48tn e-payment transactions, compared to N45.96tn in May of the previous year.

April 2024 recorded N75.32tn in e-payment transactions, rising from N41.25tn in April 2023, while March 2024 posted N83.05tn compared to N48.33tn in March 2023.