Transactions estimated to be well over N108.427 trillion were consummated across the instant payment and the Point of Sales (POS) platforms in the country in 2019, latest data from the Nigerian Interbank Settlement Scheme (NIBSS) has confirmed.
The figure, when set beside the N82.746 trillion posted in 2018, represents a 31% increase year on year. Put differently, Nigerians are conducting more transactions via the two electronic channels than before.
Of the N108.427 trillion recorded in 2019, instant payments accounted for N105.223 trillion or more than 97% while POS transactions constituted the rest N3.205 trillion.
Total transaction volume across both platforms stood at over 1.584 billion in the year under review compared to more than 1.015 billion recorded in 2018, a 56% growth as a matter of fact. By implication, it is probable that more Nigerians are embracing the two electronic payment options.
While 1.146 billion transactions were executed through the NIP, 438.614 million deals were carried out via the POS.
The NIBSS report indicates that value of NIP transactions soared from N80.423 trillion in 2018 to N105.223 trillion last year. It means that value of NIP transactions grew by about 31% in just one year.
In volume terms, about 1.146 billion transactions were consummated using the NIP in 2019 compared to 729 million deals recorded in the year before, translating to 57% leap.
Total POS transaction value surged from N2.323 trillion as of end of 2018 to N3.205 trillion in the corresponding period of 2019, representing a 38% rise.
Total transaction volume via the POS in 2019 stood at 438.614 billion, up from 285.887 billion in 2018.
Understandably, December was the peak month for NIP volume, NIP value, POS volume and POS value with 126.567 billion, N10.737 trillion, 46.138 billion and N372.687 billion recorded respectively as shoppers engaged in massive spending during the yuletide season.
The impressive growth across these parameters is an affirmation of the sustained expansion in financial inclusion in the country.
However, the biggest boost to financial inclusion in Nigeria in the year that just went by came from the unprecedented growth in mobile inter-scheme transactions (mobile transfers) via mobile devices.
This was premised on the rigorous efforts by banks to deepen mobile inter-scheme offerings among Mobile Money Operators in order to deliver quality services to teeming digitally enabled Nigerians.
According to the NIBSS report, total value of mobile money transactions ballooned dramatically from N28.136 billion in 2018 to N148.968 billion in 2019, representing over 429% rise.
Total mobile money volume skyrocketed by more than five times from 7.230 million in 2018 to 41.212 million in 2019, a massive 470% increase in just one year.