Banks clear N265.44bn cheques in August

Deposit money banks in the country cleared cheques valued at N265.44 billion in August this year, according to latest data released by the Nigeria Interbank Settlement System Plc (NIBSS). The figure is N16.87 billion more than the value of cheques (N248.57billion) cleared by DMBs in July. The NIBSS’ data also shows that the total volume […]


NIBSS: PoS deployment jumps 87.4% in one year

The total number of Point of Sale (PoS) terminals deployed in the country increased by 87.4 per cent to 638,983 at the end of June this year from 340,960 in the corresponding period of last year, latest data released by the Nigeria Interbank Settlement System (NIBSS) shows. New Telegraph’s analysis of the NIBSS’ data also […]


NIBSS: Lagos accounts for 30% of Nigeria’s e-payment

The Nigeria Inter-Bank Settlement Systems (NIBSS) has said that Lagos accounted for 30 per cent of all electronic payment transactions carried out in Nigeria last year. With this, it described the state as the hub of e-payment in Nigeria as other states were far behind in terms of the percentage of transactions. NIBSS, in its […]


NIBSS to launch NQR payment solution for Nigeria

The Nigeria Inter-Bank Settlement System Plc (NIBSS), in partnership with all financial service providers, is set to launch a QR Code driven payment solution. NQR Payment Solution is an indigenous Quick Response code platform being introduced by NIBSS on behalf of all financial service providers. According to NIBSS, this innovative solution will serve as a […]


NIBSS: 346,438 PoS terminals deployed in five years

A total of 346, 438 Point of Sale (PoS) terminals were deployed in the country between 2016 and 2020, compared with the 558, 231 that were registered during the period, findings by New Telegraph show. According to latest data released by the Nigeria Interbank Settlement System (NIBSS), the total number of PoS terminals deployed in […]


NIBSS: Cheque transactions down by 19.3% in Sept

The total value of transactions carried out using cheques across the country amounted to N283.55 billion in September 2020, down by 19.3 per cent vis-à-vis the same month last year, latest data released by the Nigeria Interbank Settlement System (NIBSS) shows. According to NIBSS, banks cleared cheques worth N351.38 billion in September 2019. The data […]

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NIBSS: Electronic transfers hit N14.3trn in 1 month

…as cheque transactions decline Bank customers in the country transferred a total of N14.3 trillion electronically in July, New Telegraph has learnt. The transactions, which were carried out through the Nigeria Interbank Settlement System (NIBSS) Instant Payment (NIP) platform, represented a 60.7 per cent growth when compared with N8.9 trillion recorded in the same period […]

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