Between January and September 2018, Nigerians performed transactions worth N56.85 trillion through electronic payment channels according to the Nigerian Interbank Settlement System (NIBSS).
In comparison with the figures for 2017, Nigerians spent N16.4 trillion more in 2018 than the N40.45 trillion recorded within the same period in 2017.
Volume of transactions on ATM transactions grew from N4.61 trillion in 2017 to N4.76 trillion in 2018. In the same vein, the volume of ATM transactions rose from 560.86 million in 2017, to 650.06 million in 2018.
For POS transactions, the value rose by about N635 billion in the use of POS channels from 98.73 million transactions worth N975 billion in 2017 to 196.83 million transactions worth N1.61 trillion in 2018.
The number and value of mobile money transactions also surged within the same period from N795.18 billion in 2017, to N1.22 trillion as at September 2018. Likewise, more transactions were performed via the web payment channel, rising from N129.24 billion in 2017 to N183.07 billion in 2018.
On the other hand, the value of transactions on e-bill payments, which allowed customers to pay utility bills such as power, cable and so on online, declined from N420.73 billion in 2017 to N370 billion in 2018.
