12.7 mln Nigerians use instant payments

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.