The Nigeria Inter-Bank Settlement Systems (NIBSS) has revealed that Nigerians made electronic transactions worth ₦89.50 trillion in July 2024, the highest monthly transaction value ever recorded on its Instant Payment (NIP) platform.
This represents an 89% year-on-year increase, up from ₦47.39 trillion in July 2023.
This surge in transactions has brought the total electronic payments from January to July 2024 to ₦566.3 trillion, putting the country close to surpassing the ₦600 trillion mark recorded for the entire year of 2023, with five months still remaining.
In addition, the volume of NIP transactions in July 2024 grew by 22%, reaching 907 million compared to 743 million in July 2023.
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