Business

NIBSS: Electronic transactions hit N53.8bn in two months

PoS deals rise by 4%

Bank customers in the country transacted businesses valued at N53.8 billion over the Nigeria Inter-Bank Settlement Systems (NIBSS) Instant Payment in the first two months of this year, New Telegraph has learnt. The value of the e-payment deals for January and February 2022 represented 46 per cent growth over N36.8 billion recorded in the same period last year. An analysis of the two months data just released by NIBSS showed that the NIP platform recorded N26.6 billion transactions in January. Year on year, this was a 43.7 per cent increase over N18.5 billion recorded in the same month of last year.

Similarly, in February, deals worth 27.2 billion were sealed over the electronic platform. Compared with February 2021 when N18.3 billion was recorded, this represented 48.6 per cent growth. The increase in NIP transactions value for the two months was a reflection of the surge in the volume of deals within the period. According to the NIBSS data, the NIP volume rose to 704 million in the two months, showing a 53 per cent increase over 459 million recorded in the same period last year. The NIBSS Instant Payments (NIP) is an account-number-based, online-real-time Inter-Bank payment solution developed in the year 2011 by NIBSS.

It is the Nigerian financial industry’s preferred funds transfer platform that guarantees instant value to the beneficiary. According to NIBSS, over the years, Nigerian banks have exposed NIP through their various channels, that is, internet banking, bank branch, Kiosks, mobile apps, Unstructured Supplementary Service Data (USSD), POS, ATM, etc. to their customers. Meanwhile, NIBSS data for Point of Sales (PoS) transactions also showed sustained growth as deals valued at N1.1 trillion were recorded between January and February this year. Compared with N958 billion recorded in the same period of 2021, the channel recorded 4 per cent growth in the period under review.

The monthly breakdown showed that transactions valued at N573 billion were carried out over the PoS terminals across the country in January. In February, the value of PoS deals stood at N575 billion. In terms of volume, a total of 178 million deals were recorded in the two months. This also reflected a 25 per cent growth over 142 million deals recorded in the same period last year. According to NIBSS, the transactions were carried out over 1.01million active terminals deployed by merchants across the country. This also showed that a total of 517,000 PoS terminals were deployed in the last one year as the number of deployed machines stood at 484,000 as of February 2021.

However, there is still a gap between the number of registered PoS and the number of deployed machines. According to NIBSS, a total of 1.5 million PoS machines had been registered as of February this year, which showed that nearly 500,000 terminals are either yet to be deployed or have become inactive. Although the use of PoS machines in Nigeria is growing steadily, a recent report by NIBSS indicated that a majority of this growth is concentrated in the country’s economic capital, Lagos. According to NIBSS Instant Payment data the state recorded the largest number of PoS transactions in the country in 2020.

The report shows that Lagos accounted for about 70 per cent of the total volume of PoS transactions in 2020. This represents a 100 per cent growth in the volume of PoS transactions in the state as the volume of PoS transactions rose from 226 million in 2019 to over 453 million at the end of 2020. Abuja comes in at number two with a 4.9 per cent contribution after completing over 32 million transactions during the year. Rivers follows closely at number three with a contribution of 4.7 per cent after completing 31 million transactions in 2020. Other states in the Top five PoS locations by volume include Oyo with a contribution of 2.6 per cent (17.2 million) and Delta with a contribution of 2.5 per cent (16.6 million). At the bottom of the pile, the northern states of Zamfara (210,069), Yobe (118,609), and Kebbi (98,000) dominate the list with less than one per cent of the total PoS volume.

 

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