TechBookyBusiness
No Result
View All Result
Thursday, June 30, 2022
  • Login
  • Home
  • TechBooky
  • Africa
  • TV
  • Startup
  • Earnings
  • Crypto Price
  • Submit Article
  • Contact Us
  • About Us
Subscribe
TechBooky Business
No Result
View All Result
Home Banking

NIBSS Instant Payments (NIP) Transactions Hit N20tn In May

Ibhadojemu Lucky Emmanuel by Ibhadojemu Lucky Emmanuel
June 10, 2021
in Banking
Share on FacebookShare on Twitter

According to the Nigeria Inter-Bank Settlement System (NIBSS), in the month of May alone, Nigerians transacted over N20 trillion worth of instant payment transactions. Transactions in May jumped 0.15 percent from April, and instant payment transactions in May also witnessed a spending recovery from the month of April.

The total volume of transactions in May had a 5.4 percent increase to 279.417 million from 265.121 million. The transactions by volume of mobile inter-scheme transaction went up by 7.46 per cent from 18.36 million in April to 19.73 million in May, according to Punch News.

The value of transactions via digital payment platforms – Nigeria Interbank Settlement System Instant Payment System and Point of Sales (PoS) terminals, rose to N60.34 trillion in the first quarter of the year. Together, these platforms recorded an 87.1 percent increase in value of payments when juxtaposed with an aggregate of N32.25 trillion from the same time in the previous year of 2020, Punch News reported. Compared to the fourth quarter of 2020 with transactions valued at N53.61tn, this shows a 12.55 per cent increase.

NIP grossed N58.85tn in Q1 2021, while Point of Sales (PoS) deals were worth N1.49 trillion during the same period, the breakdown of data obtained from Nigeria Interbank Settlement System showed.

The instant payments being talked about here are transactions that were carried out by bank customers via bank branches, Internet banking, mobile apps, Automated Teller Machines (ATM) and Unstructured Supplementary Service Data (USSD).

Analysis of the Nigeria Inter-Bank Settlement System (NIBSS) data showed that the volume of transactions that were carried out using NIBSS Instant Payments (NIP) and PoS was 967.51 million, a 91 percent increase from 506.53 million recorded in Q1 2020.

This data showed that mobile phones and tablets as the major channels for transfer transactions.

These figures are expected to fall in the next quarter as Nigerian banks have begun to charge N6.98 for USSD  banking transactions.

Total
0
Shares
Share 1
Tweet 0
Pin it 0
Share 0

Related Posts:

  • Cryptocurrency Continues To Thrive With Peer-to-Peer Transactions In Nigeria Amid Ban
    Cryptocurrency Continues To Thrive With Peer-to-Peer…
  • The NIBSS Launches Its NQR Payment Solution In Ajah Markets, To Continue Campaigns In Other Lagos Markets
    The NIBSS Launches Its NQR Payment Solution In Ajah Markets,…
  • Despite Government Restrictions, Bitcoin Peer-to-peer Transaction Surged 25 Percent In The Last Six Months
    Despite Government Restrictions, Bitcoin Peer-to-peer…
  • NIBSS’ QR Payment Solution Is Now Available For Lagos Buyers And Sellers
    NIBSS’ QR Payment Solution Is Now Available For Lagos Buyers…
  • Changera Launches Virtual Cards To Enable Users Perform Cross-border Transactions
    Changera Launches Virtual Cards To Enable Users Perform…
  • India’s Razorpay Raises $375 Million At A Valuation Of $7.5 Billion
    India’s Razorpay Raises $375 Million At A Valuation Of $7.5…
  • Digital Bank Kuda Raises $25m In Series A Round, Plans to Expand
    Digital Bank Kuda Raises $25m In Series A Round, Plans to…
  • PayPal First Quarter Earnings Beat Estimates, Projects A Bigger Q2
    PayPal First Quarter Earnings Beat Estimates, Projects A…
Tags: bankingnibssnibss instant paymentpayment
Previous Post

Bitcoin Set To Become A Replacement For Gold, Skybridge Capital’s Anthony Scaramucci says

Next Post

Global Ads Chief Carolyn Everson Is Leaving Facebook

Next Post
Global Ads Chief Carolyn Everson Is Leaving Facebook

Global Ads Chief Carolyn Everson Is Leaving Facebook

No Result
View All Result

Get top tech business news in your inbox

subscription from
Loading

Crypto Price List

  • USD
  • EUR
  • GPB
  • AUD
  • JPY
  • TadpoleTadpole(TAD)
    $7.32-1.74%
  • SEENSEEN(SEEN)
    $2.05-2.27%
  • EvedoEvedo(EVED)
    $0.082301-0.80%
  • MarginswapMarginswap(MFI)
    $0.184213-2.11%
  • SakeTokenSakeToken(SAKE)
    $0.0127135.28%
  • WTF TokenWTF Token(WTF)
    $0.0113500.17%
  • BNSD FinanceBNSD Finance(BNSD)
    $0.005461-5.83%
  • RobotinaRobotina(ROX)
    $0.00266138.50%
  • CageCage(C4G3)
    $0.005010-3.67%
  • YAM v2YAM v2(YAMV2)
    $4.70-1.41%

Recent Posts

  • Snapchat Launches Its Paid Subscription Plan Snapchat Plus
  • Taiwan’s Central Bank Is Working On A Government-run Digital Currency
  • Kukua, An Africa’s ‘Edu-tainment’ Company And Creator Of Super Sema, Secures $6 Million In Series A Funding Co-led By Tencent And Alchimia
  • Pinterest Stock Soars On The Announcement That CEO Ben Silbermann Is Stepping Down
  • Nigeria’s Payment Platform Abeg Rebrands Into Social Commerce Platform Pocket By Piggvest

Categories

  • Acquisition
  • Acquisition & Merger
  • App
  • Banking
  • Capital
  • Cryptocurrency
  • Earnings
  • Ecommerce
  • Economy
  • Enterprise
  • Event
  • Funding
  • Gadget
  • Government
  • internet
  • Investment
  • Market
  • Merger
  • Money
  • Partnership
  • Personnel
  • Service
  • Social Media
  • Startup
  • Stocks
  • telecom
  • Venture Capital

Get top tech business news in your inbox

subscription from
Loading

Popular Tags

Acquisition africa amazon apple bitcoin cbn china coinbase company crypto cryptocurrency e-commerce E-Naira earnings earnings season elon musk facebook fintech Funding gadget google government india internet Investment ipo kenya microsoft money netflix nigeria payment payments Q1 revenue russia service shares social media Startup Stock tesla twitter Ukraine whatsapp

Calendar

June 2022
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
27282930  
« May    

Categories

  • Acquisition
  • Acquisition & Merger
  • App
  • Banking
  • Capital
  • Cryptocurrency
  • Earnings
  • Ecommerce
  • Economy
  • Enterprise
  • Event
  • Funding
  • Gadget
  • Government
  • internet
  • Investment
  • Market
  • Merger
  • Money
  • Partnership
  • Personnel
  • Service
  • Social Media
  • Startup
  • Stocks
  • telecom
  • Venture Capital

Recent News

  • Snapchat Launches Its Paid Subscription Plan Snapchat Plus
  • Taiwan’s Central Bank Is Working On A Government-run Digital Currency
  • Kukua, An Africa’s ‘Edu-tainment’ Company And Creator Of Super Sema, Secures $6 Million In Series A Funding Co-led By Tencent And Alchimia
  • Pinterest Stock Soars On The Announcement That CEO Ben Silbermann Is Stepping Down
  • Nigeria’s Payment Platform Abeg Rebrands Into Social Commerce Platform Pocket By Piggvest
  • Crypto Exchange FTX Debunks News That It Plans To Acquire Robinhood

© 2021 Techbooky Business - Design by Techbookyelite.

No Result
View All Result
  • Home
  • TechBooky
  • Africa
  • TV
  • Startup
  • Earnings
  • Crypto Price
  • Submit Article
  • Contact Us
  • About Us

© 2021 Techbooky Business - Design by Techbookyelite.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)$19,428.42-3.22%
  • ethereumEthereum(ETH)$1,057.87-6.31%
  • tetherTether(USDT)$1.00-0.02%
  • usd-coinUSD Coin(USDC)$1.00-0.04%
  • binancecoinBNB(BNB)$211.53-3.91%
  • Binance USDBinance USD(BUSD)$1.00-0.28%
  • rippleXRP(XRP)$0.319624-3.31%
  • cardanoCardano(ADA)$0.452042-3.68%
  • SolanaSolana(SOL)$31.82-9.62%
  • dogecoinDogecoin(DOGE)$0.065169-0.62%
  • polkadotPolkadot(DOT)$6.82-5.63%
  • Shiba InuShiba Inu(SHIB)$0.0000102.33%
  • AvalancheAvalanche(AVAX)$16.55-9.29%
  • matic-networkPolygon(MATIC)$0.465214-10.76%
  • Terra Luna ClassicTerra Luna Classic(LUNC)$0.000071-5.36%
Posting....