Electronic payments in Nigeria surged by 78.04 per cent to N220.93tn in October 2021 from N124.09tn in the same month last year, according to data obtained from the Nigeria Inter-Bank Settlement System.
From January to October 2020, the total volume of NIP transactions in the country was 1.55 billion, amounting to N120.42tn in value. From January to October 2020, the total volume of POS transactions was 509.31 million, amounting to N3.67tn. the total volume of POS transactions in the same period of 2021 rose to 798.38 million valued at N5.17tn.
The value of transactions on the mobile inter-scheme channel surged by 165.69 per cent from N2.22tn in October 2020 to N5.91tn last month.
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