The Nigeria Inter-Bank Settlement Systems (NIBSS) has revealed that transactions worth N38.9 trillion were performed electronically in November through the NIBSS Instant Payment platform (NIP).
This is the highest monthly transaction record on the platform.
Compared with the N34.5 trillion recorded in the preceding month, the November figure also shows a 12.7 per cent increase.
The latest data also shows that the November figure brought the total value of NIP deals in the last 11 months to N345 trillion.
Year on year, the e-payment value increased by 50 per cent compared with the N25.9 trillion recorded in November last year.
The value of the e-payment recorded was a reflection of the increase in the volume of deals within the month. The NIP volume rose to 492.2 million in November, showing a 53.8 per cent increase over the N319.9 million recorded in the same period last year.
The NIP is an account-number-based, online-real-time Inter-Bank payment solution developed in the year 2011 by NIBSS. It is the Nigerian financial industry’s preferred funds transfer platform that guarantees instant value to the beneficiary.
According to NIBSS, over the years, Nigerian banks have exposed NIP through their various channels, that is, internet banking, bank branch, Kiosks, mobile apps, Unstructured Supplementary Service Data (USSD), POS, ATMs, etc. to their customers.