Nigeria: E-Payments in Nigeria Decline Across All Channels

3 March 2021

The value of electronic payment (e-Payment) transactions in Nigeria fell month-on-month, MoM, by 10 per cent to N19.9 trillion in January 2021, from N22 trillion in December 2020.

Similarly, the volume of transaction declined by 20 per cent to 696.2 million in January 2021, from 867.4 million in December 2021.

Vanguard analysis of Nigeria Inter-Bank Settlement System (NIBSS) Plc. e-Payment channels data show that all electronic channels recorded decline in their volume and value of transactions during the period, except Electronic BillsPay channels that recorded a 10 per cent rise in volume.

Analysis of NIBSS data shows that the volume of Point of Sale (PoS) transactions fell by nine percent to 70.9 million in January from 77.9 million in December last year while its value dropped by 15 percent to N489.24 billion from N574.37 billion in December.

The volume of transactions made through NIBBS Instant Payment (NIP) also fell by 13 percent to 228.76 million in January from 264.22 million in December while its value declined by nine percent to N18.5 trillion in January from N20.3 trillion in December.

Similarly, the volume of Mobile Inter scheme transactions dropped by 12 percent to 14.9 million in January from 16.9 million in December while its value fell by 18 percent to N390.5 billion from N459.76 billion.

The volume of cheque transactions fell by 28 percent to 362.12 million in January from 504.72 million in December while its value dropped by 24 percent to N248.2 billion from N325.3 billion in December.

The volume of transactions made through Automated Direct Debit (ADD) also fell by 50 percent to 1.2 million in January from 2.4 million in December while its value declined by 28 percent to N90.12 billion in January from N125.9 billion in December.

Further analysis shows that the volume of CentralPay transactions fell by 15 percent to 29,000 in January from 34,000 in December while its value dropped by 26 percent to N201.7 million from N272.06 million in December.

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