Nigeria’s financial system has recorded further surge in the value of electronic payment (e-payment) transactions to N65.6 trillion in the first quarter of the year (Q1’21) indicating a whopping 82 percent Year-on-Year, YoY, increase from N36.02 trillion in the corresponding period of 2020 (Q1’2020).
Industry analysts have indicated that the development is connected to remote transactional relationship imposed on businesses and the general public by COVID-19 protocols which has already created a new normal in financial transaction.
Data on the four major e-payment channels released by the Nigeria Interbank Settlement System (NIBSS) shows that the surge is driven by a 80 per cent YoY increase in volume of transactions to 54.07 billion in Q1’21 from 30.04 billion in Q1’2020.