12.7 mln Nigerians use instant payments

Friday 22 February 2019 11:01 CET | News

12.7 million Nigerians have driven the volume and value of instant payment transactions in the country, according to New Telegraph.

The instant payment channels for interbank transfers include mobile app, Unstructured Supplementary Service Data (USSD), and internet banking.

In 2018, NGN 80.4 trillion (USD 0.22 trillion) changed hands through the NIP channel compared to NGN 56.17 trillion that was transacted via the channel in 2017. Average daily transactions on the channel doubled from NGN 1 million to NGN 2 million in 2018.

According to New Telegraph, the Nigeria Interbank Settlement System (NIBSS) expressed the hope that it with increase in the number of subscribers for mobile services, instant payment, especially through the use of USSD would gain traction. It noted that in 2018, 79% of total transfer transactions were carried out using a mobile phone/tablet.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Nigeria, instant payments, Nigeria Interbank Settlement System, internet banking
Countries: World