In a development that showed the acceptance of the cashless policy drive of the government, the value of transactions on electronic channels surged to N89.5 trillion in July 2024.

This represents an 89% increase year on year when compared with the N47.4 trillion recorded in the same period of last year.

This is based on a recent data released by the Nigeria Inter-Bank Settlement Systems (NIBSS).

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According to the latest e-payment data, the July record came as the all-time high monthly transaction value on the NIBSS Instant Payment (NIP) platform.

The July record brought the value of total electronic transactions in Nigeria from January to July 2024 to N566.3 trillion. The seven-month figure is already close to the N600 trillion recorded in the full year 2023 with five months of records to add for this year.

The volume of NIP transactions processed by NIBSS for the month also jumped from 743 million in July 2023 to 907 million in July this year. This represents a 22% increase year on year.

By: Babajide Okeowo

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