The volume of Point of Sales (PoS) transactions fell 2% Month-on-Month (MoM) to 85.2 million in December 2022 from 86.7 million in November. However, the value of PoS transactions increased by 8.8% MoM to N826.3 billion from N759.28 billion, indicating higher-value purchases despite slightly lower usage.
Electronic Bills Transactions Drop
Data from the Nigerian Interbank Settlement System (NIBSS) showed that electronic bills transactions fell sharply by 19% in volume to 43.7 million from 54.02 million in November. The value of these transactions also dropped by 45% to N117.08 billion from N213.5 billion.
Mobile Transfers See Strong Growth
Mobile Interscheme transactions (mobile-to-mobile transfers) recorded significant growth, with volume rising 19.7% MoM to 105.17 million from 87.8 million in November. Their transaction value increased by 18.5% to N2.49 trillion from N2.10 trillion.
NIBSS Instant Payments (NIP) Upward Trend
The volume of NIBSS Instant Payments (NIP) increased 14% MoM to 561 million in December from 492 million in November. The value of NIP transactions rose 8.02% to N42.02 trillion from N38.9 trillion.
Overall E-Payment Growth
Overall, electronic payment transactions grew 7.5% in volume to 1.14 billion in December 2022 from 1.06 billion in November. The total value of e-payment transactions increased 8.3% MoM to N46.09 trillion from N42.56 trillion, reflecting increased adoption of e-payment channels by Nigerians during the festive season.
