Bank network issues caused the Nigeria Inter-Bank Settlement Systems (NIBSS) Instant Payment Platform (NIP) to decrease by N396.18 billion, or 1.19 percent, from N33.2 trillion reported by NIBSS in August 2022 to N32.84 trillion in September 2022.
According to the most recent data from the NIBSS, there was N271.56 trillion worth of electronic transactions in the first nine months of 2022, up 26 percent from the N215.76 trillion reported in the first nine months of 2021.
The NIBSS NIP is an online real-time Inter-Bank payment solution developed by NIBSS and Banks, Other Financial Institutions (OFI) customers preferred funds transfer platform that guarantees instant value to the receivers.
The data by NIBSS revealed that the N33.2trillion report in August 2022 was the all-time high e-payments value recorded since 2018.
Compared to the N29.3 trillion recorded in July, this shows a 13.3 percent growth from the reported figure in August.
According to NIBSS, the decline in the value of e-payment recorded reflected the decrease in the volume of deals in the month under review.
The NIP volume dropped to 438.17 million in September, representing a decline of 2.2 percent over 448.13million recorded in August.
