Electronic transactions hit N238.7 trillion in 2022

The total value of transactions made in the month of August alone accounts for the largest monthly figure since the deployment of the NIBSS Instant Payment platform (NIP).

NIP was developed by NIBSS in 2011 as an account-number-based, online-real-time Inter-Bank payment solution. 

Electronic payments worth N33.2 trillion were performed in the month in question.

The total amount of e-transaction recorded in August represents a 13.3% growth when compared to the figure recorded in the previous month, July which totals N29.3 trillion.

When compared with the value of e-transactions carried out in August 2021 which amounts to N22.1 trillion, the amount represents a 50% increase.

Apart from the total amount of cash transactions recorded in August, the volume of transactions was also noticed to take a surge as 448 million transactions were recorded in the month under review.

This figure showed a 10.6% increase when compared with the 405 million recorded in July.

The increase in transactions recently goes to show a gradual leaning toward cashless transactions as Nigerians are gradually adapting to the Central Bank Of Nigeria, CBN’s call to transition to a digital and cashless society.

This was further boosted by the FG's introduction of the Central Bank Digital Currency (CBDC), the eNaira in October 2021.

A recent report from Coindesk has revealed that, since its introduction, transactions worth N4 billion ($9.3 million) have been carried out with the eNaira.