According to fresh industry statistics from the Nigeria Inter-Bank Settlement System, cashless transactions in Nigeria increased by 41.75 percent to N318.66 trillion in the first eleven months of 2022.
The Nigeria Instant Payment System and Point of Sales terminals, which are used to track cashless transactions on the NIBSS, processed a total of N318.66 trillion. The amount was N224.79 trillion in the equivalent quarter of 2021.
Total NIP transactions during the time period came to N311.81 trillion, and PoS transactions totaled N6.85 trillion, demonstrating a significant surge in digital payments across the country. Since the COVID-19 outbreak, there has been steady development in the use of electronic payments.
The NIBSS revealed in its report, “Instant Payments – 2020 Annual Statistics,” that the pandemic altered the e-Payments landscape and hastened the adoption of instant payments as more people switched to electronic channels for funds exchange.
The government is aware of how e-payments are expanding. To increase revenue from digital payments in the country, the Federal Government introduced an Electronic Money Transfer Levy in the Finance Act of 2020.
The term “EMTL” refers to a one-time, singular payment of N50 made in conjunction with the electronic receipt or transfer of funds deposited in any bank or financial institution that accepts deposits of N10,000 or more. Government revenue for 2021 was N111.84 billion.
