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Nigeria’s e-payment transactions drop to N37trn in February

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Naira scarcity: Churches, mosques,  nightclubs, others count losses

The Nigeria Inter-Bank Settlement System (NIBSS) says that the value of e-payment transactions dropped to N37.67 trillion in February 2023.

This figure represents a 4.83 percent decrease from the N39.58 trillion that was recorded in January 2023.

NIBSS, in the February report released on Monday, said e-payment gateways usage recorded a 41.29 percent month-on-month increase.

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The agency added that cashless transactions were done 901.46 million times in February, compared to 638 million times in January.

However, despite the increase in usage due to the cashless policy and naira redesign initiated by the Central Bank of Nigeria (CBN), the total value of cashless transactions fell in February, thereby indicating an increase in the number of failed transactions.

The NIBSS also announced cashless transactions from the Nigeria Instant Payment System (NIPS) and Point of Sales (POS) terminals.

It said the total instant payment transactions in February fell to N36.79 trillion compared to the N38.77 trillion recorded in January.

The report also showed that despite the scarcity of naira witnessed in the month, the value of PoS transactions grew from N807.16 billion in January to N883.45 billion in February.

“Mobile transfers, which serve as the primary payment gateway for many Nigerians, soared by 69.87 percent from 108.14 million times in January to 183.69 million times in February,” the report said.

“While usage grew significantly, transaction value only grew marginally by 7.88 percent from N2.37 trillion in January to N2.56 trillion in February.”

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