According to information made available by NIBSS, the Instant Payment platform (NIP) of the Nigeria Inter-Bank Settlement Systems (NIBSS) handled transactions worth N33.2 trillion in the month of August.
In 2011, NIBSS created the NIBSS Instant Payments (NIP), an account-number-based, real-time online Inter-Bank payment service. It is the favored cash transfer platform in the Nigerian banking sector since it ensures that the receiver receives value right away.
According to NIBS data, the amount represented the highest amount of e-payments ever received in a single month following the platform’s introduction. This is a 13.3% increase over the N29.3 trillion reported in July. When compared to the N22.1 trillion recorded in August of last year, the value of e-payments climbed by 50% year over year.
According to NIBSS, an increase in the number of transactions during the month is reflected in the amount of the e-payments that were recorded. The NIP volume increased to 448 million in August, up 10.6% from the 405 million registered in July.
The NIP platform registered N26.6 billion in transactions in January, according to a study of the most recent eight-months’ worth of NIBSS data. This was an increase of 43.7% over the N18.5 trillion reported in the same month last year.
Similar transactions totalling N27.2 trillion were completed online in February. This marked a rise of 48.6% from the N18.3 trillion recorded in February 2021.
The platform registered 31.8 trillion transactions in March, up from N22 trillion in the same month last year by 44.5%.
In April of this year, the NIP platform had transactions worth N29.2 trillion. Additionally, it indicates a growth of 41.6% over the N20.6 trillion recorded in April 2021. The value of e-payment transactions was N29.6 trillion in May, up 43% from N20.7 trillion in the corresponding month previous year.
