The Nigerian Bureau of Statistics recently released transaction data for quarter 1 2019. This data revealed that a total of 557,083,712 transactions were carried out via Nigerian banks, which was valued at N34.02trn.
Compared to Q1 2018, the transaction volume increased by 29% (from 430.8 million to 557 million). The value of transactions also increased by 67% (from N20.3 trillion to N34.02 trillion).
Q1 2019 TRANSACTION VOLUME OF PAYMENT CHANNELS IN NIGERIA
The NIBSS Instant Payment (NIP) transactions dominated the volume of transactions recorded, with 232 million transactions conducted through the medium. This is followed closely by the Automated Teller Machine (ATM) which recorded a volume of 203 million transactions.
Q1 2019 TRANSACTION VALUE OF PAYMENT CHANNELS IN NIGERIA
What is NIP
NIP is an Instant Payment Platform managed by NIBSS. It is a form of electronic fund transfer which requires a bank account. NIP recipients get the value of their transaction within 10 minutes after the sender has made the transaction. However, NIP can only transfer money to one or two people at the same time. And it has a maximum limit of N5 million for transfer to individual and N10 million for transfer to a corporate body.
In terms of transaction value, NIP also recorded the highest transaction value, with a total of N24.17trn which accounted for 71% of the total transactions made. While the NIBSS Automated Payment System (NAPS) recorded a total transaction value of N6trillion.
What is NAPS
NAPS stands for NIBSS Automated Payment Services, it is an integrated multi-bank e-payment platform. It is designed for the instant processing of payroll, pension, direct debits, etc. NAPS was implemented by NIBSS to enhance its bulk payment NIBSS Electronic Fund Transfer (NEFT) offering. With NAPS, you can make transfers to many recipients at the same time, to the tune of about N100 million.
