Nigeria’s e-payment system dropped N1.9trn in February

The electronic payment system in Nigeria recorded a conspicuous decline in February 2023.

Industry figures obtained from the Nigeria Inter-Bank Settlement System showed that Nigerians exchanged N37.67 trillion via various electronic channels, which include Point of Sales, Automatic Teller Machines and Mobile transfers.

The cashless transaction in February is a 4.83 per cent fall when compared to N39.58tn that was recorded in January.

However, there were a significant number of transactions in February despite the drop in value.

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NIBSS data showed that e-payment gateways were used 901.46 million times, a 41.29 per cent increase from the 638 million times used in January.

The data also revealed continued patronage of PoS terminals as the value of PoS transactions grew from N807.16bn in January to N883.45bn in February.

Since the Central Bank of Nigeria (CBN) announced its naira redesign policy and withdrawal limits in 2022, Nigerians have had to adopt electronic forms of transaction.

However, the drive towards a cashless economy has left bank customers with more significant concerns, ranging from failed transactions to network issues.