Value of electronic payment transactions rise in 2019

The volume and value of electronic payment transactions rose in the first half of 2019 (H1’19) as Nigeria Interbank Settlement System (NIBSS) Instant Payment (NIP) recorded the highest transactions with N7.9 trillion during the period. 

Online Payment 

Analysis of NIBSS’ e-payment transaction data for June 2019 showed that year-on-year (YoY), the volume of NIP transactions rose by 51 percent to 87.9 million in H1’19 from 57.9 million in H1’18 while the value of NIP transactions rose by 23 per cent to N7.87 trillion from N6.4 trillion in H1’18.

Quater-on-Quarter (QoQ), the volume of NIP transactions dropped by 0.59 percent to 87.9 million in Q2’19 from 87.42 million in Q1’19 while the value of NIP transactions fell by 8.3 percent to N7.87 trillion from N8.58 trillion in Q1’19. 

The volume of POS transactions rose by 51 percent to 35.09 million in H1’19 from 23.3 million in H1’18 while the value of PoS transactions rose by 35 percent to N245.9 billion in H1’19 from N181.83 billion in H1’18. QoQ, the volume of PoS transactions rose by 18 percent in Q2’19 to 35.09 million from 29. 82 million in Q1’19, while the value of PoS transactions increased by 13 percent to N245.9 billion from N217.5 billion in Q1’19. YoY, the volume of e-bills transactions rose by 10 percent to 85.71  in H1’19 from 78.13 million in H1’18 while the value of e-bills transactions rose by 1.4 percent to N42.8 billion in H1’19 from N42.2 billion in H1’18. 

On quarterly basis, the volume of e- bills transactions dropped by 4.0 percent to 85.6 million from 88.7 million while the value of e- bills transactions dropped by nine percent to N42.8 billion in Q2’19 from N46.9 billion in Q1’19. 

On yearly basis, the volume of mobile transactions rose by 0.21 percent to 1.9 million in H1’19 from 606 thousand in H1’18 while the value of mobile transactions rose by 89 percent to N45.3 billion in H1’19 from N24 billion in H1’18. 

On quarterly basis, the volume of mobile transactions in Q2’19 by 9.4 percent to 1.8 million from 1.3 million in Q1’19 while the value of mobile transactions in Q2’19 rose by 18 percent to N45.3 billion from N38.4 billion in Q1’19.