About N54.98tn was processed through Nigeria’s electronic channels in the first two months of 2022, according to data from the Nigeria Inter-Bank Settlement System portal. This is a 45.49 per cent increase from the corresponding period of 2021 when N37.79tn was processed through the nation’s electronic channels. The NIBSS tracks payment volumes and value through the Nigeria Instant Payment System and Point of Sales terminals. In the first two months of 2022, N53.83tn was transferred through the NIP system while N1.15tn was processed through PoS terminals in the corresponding period of 2021, N36.83tn was processed through the NIP system, while N958.19bn was processed through PoS terminals. According to the data on the NIBSS portal, individuals used electronic channels 86.57 per cent more in the first two months of 2022 than they did in the corresponding period of 2021. In the first two months, electronic channels were used 882.99 million times. In the corresponding period of 2021, they were used 473.27 million times.  The data also revealed that agent banking was on the rise. Of the 986,252 registered PoS in the nation, an all-time high of 955,234

Punch