Point of Sale (PoS) transactions decreased month over month (MoM) by 2% from 86.7 million in November to 85.2 million in December 2022.
However, from N759.28 billion in November 2022 to N826.3 billion in December 2022, the value of PoS transactions increased MoM by 8.8%.
Vanguard’s analysis of the Nigerian Interbank Settlement System’s (NIBSS) electronic payment data revealed that the number of electronic bill transactions decreased MoM by 19% to 43.7 million from 54.02 million in November and that their value decreased by 45% to N117.08 billion from N213.5 billion.
Further analysis showed that the volume of Mobile Interscheme (Mobile transfers) rose MoM by 19.7 percent to 105.17 million from 87.8 million in November and its value increased by 18.5 percent to N2.49 trillion from N2.10 trillion in November.
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The data also showed that the volume of NIBSS Instant Payment (NIP) rose MoM by 14 percent to 561 million in December from 492 million in November and its value increased by 8.02 percent to N42.02 trillion in December from N38.9 trillion in November.
The data also showed that the volume of electronic payment transactions rose MoM by 7.5 percent to 1.14 billion in December 2022 from 1.06 billion in November 2022.
Similarly, the value of e-payment transactions increased MoM by 8.3 percent to N46.09 trillion in December from N42.56 trillion in November. This reflects Nigerians’ increased adoption of e-payment channels during the festive period.
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