Cashless Transactions Rise by 44%, Hit N117.33tn In Four Months – NIBSS report

Cashless transactions rose by 44 per cent year-on-year to hit N117.33tn in the first four months of 2022, according to data from the Nigeria Inter-Bank Settlement System.

From January 2022 to April 2022, N117.33tn was processed through electronic channels, which is N35.79tn more than N81.54tn that was processed in the corresponding period of 2021.

Cashless transactions are monitored on the NIBSS through the Nigeria Instant Payment System and Point of Sales terminals.

In January 2022, N27.22tn was processed electronically in the nation, this increased to N27.76tn in February, N32.52tn in March, and N29.84tn in April 2022.

In January 2021, N18.99tn was processed electronically, N18.79tn was processed in February, N22.55tn was processed in March, and N21.19tn was processed in April.

Electronic channels were used 1.88 trillion times in the first four months of 2022, a 44.26 per cent increase from the 1.3 trillion times they were used in the corresponding period of 2021.

This sustains the growth that was witnessed in electronic payment after the onset of the COVID-19 pandemic

The NIBSS in a report titled ‘Instant Payments – 2020 Annual Statistics’, said COVID had changed the e-payments landscape, and hastened the adoption of instant payments as people switch to electronic channels for funds exchange.

In the preface of a document titled, ‘Why The Central Bank of Nigeria made the Cash-less Policy,’ the CBN said Nigeria disclosed at the time that there was a need to help Nigerians migrate from a cash-based economy to an electronic-driven economy.

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