Data released by the Nigeria Bank Settlement System (NIBSS) has revealed that electronic payment transactions in Nigeria rose to N387 trillion.
The value recorded on the NIBSS Instant Payment (NIP) represents a 42% increase over the N272 trillion recorded in 2021.
While the e-payment data showed a steady increase throughout the 12 months of the year, the highest value was recorded in December.
Being a festive period with lots of spending activities, Nigerians spend a total of N42 trillion over electronic channels in December 2022.
During the year under review, the volume of transactions processed by NIBSS also jumped from 3.4 billion in 2021 to 5.1 billion.