2018: Nigerian banking system did ₦80.4 trillion in inter-bank transfers

·
February 18, 2019
·
2 min read

Figures from the Nigerian Inter-Bank Settlement System (NIBSS) reveal that a total of ₦80.4 trillion, up from ₦56.17 trillion in 2017, was moved through the NIBSS Instant Payment (NIP).

Launched in 2011 as an online-real-time inter-bank payment solution, NIP has proven to be an effective means of transferring funds over the years with wide adoption by banking customers in the country. From ₦19.92 trillion in 2014, the total value transaction through the channel grew by 303% in four years.

While the value and volume of transactions over NIP have been growing over the years, that of the NIBSS Electronic Fund Transfer (NEFT) has been on a decline. Unlike NIP transactions that are instant, NEFT is a 24-hour credit transfer system. Which means a recipient won’t get the value until after a day of initiating the transaction.

From ₦12 trillion in 2015, the value of NEFT dropped to ₦11.6 trillion in 2018.  

Another channel that witnessed a significant growth is the value of web payments which grew from ₦184.6 billion in 2015 to ₦404.6 billion in 2018, recording a little over hundred percent increase in three years.

But for eBillsPay, it’s a different scenario. While there was an increase in the volume of e-BillsPay, it recorded a decline in the total value for 2018. With a total value of ₦550.75 billion as of 2017, it dropped by ₦50 billion in 2018 while volume increased from 900,000 to 1.1 million.

With 8.5 million customers, mobile money operators did ₦1.8 trillion in 87.1 million transactions in 2018.

Channels in the Nigerian payment system that recorded less than a trillion naira for year 2018 include individual cheques processed, eBillsPay and web payment. Every other channel had over a trillion naira in total value with NIP having the highest at ₦80.4 trillion in 729.4 Million transaction counts.


Got a tip? Our journalists are ready to dig deeper. Please share your insights and information and help us uncover the stories that matter.

Mobile & African Tech Enthusiast │ Data Analyst │ Music
Mobile & African Tech Enthusiast │ Data Analyst │ Music
Subscribe To Techpoint Digest
Join thousands of subscribers to receive our fun week-daily 5-minute roundup of happenings in African and global tech, directly in your inbox, hours before everyone else.
This is A daily 5-minute roundup of happenings in African and global tech, sent directly to your email inbox, between 5 a.m. and 7 a.m (WAT) every week day! 
Digest Subscription

Give it a try, you can unsubscribe anytime. Privacy Policy.

Mobile & African Tech Enthusiast │ Data Analyst │ Music

Other Stories

43b, Emina Cres, Allen, Ikeja.

 Techpremier Media Limited. All rights reserved
magnifier