e-payment Transactions Dropped To N37trn In February Due To Failed Transactions- NIBSS

The Nigeria Inter-Bank Settlement System (NIBSS) has revealed 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.

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

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.

Meanwhile, 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.