The value exchanged on the Nigeria Inter Bank Settlement System Instant Payment (NIP) rose to N5.74 trillion in the month of January.
Latest data released by NIBSS, showed that volume of transactions declined to 41.02 million compared to 45.97 million transactions that was recorded in December 2017. The figure however increased by 20.06 million transactions that was recorded in January 2017.
The value of transactions done on the NIP platform had risen by 4.7 per cent when compared to N5.49 trillion that was recorded in December last year and 40.6 per cent when compared to N4.08 trillion that was recorded in the comparable period of January 2017.
Transactions done on the mobile inter-scheme transfers platform had also been on the decline as figures for volume and value dropped when compared to what was recorded in December last year. Transactions dropped to 470,442 in January compared to 509,478 that was recorded in December last year.
The value of transactions done via mobile transfers likewise declined from N21.90 billion in December to N20.95 billion in January 2018. Electronic bills payment was however on the rise as the value of transactions done via the platform rose from N36.47 billion in December to N43.2 billion at the end of last month.
Cheques payments likewise rose albeit slightly in January as the value of transactions rose to N449.25 billion as against N437.58 billion which was recorded in December last year. Transaction volume on Point of Sale terminals (PoS) dropped from 17.05 million in December last year to 16.1 million at the end of January 2018, just as the value of the transactions dropped to N152.09 billion form N167.57 billion.