The latest data by the Nigeria Interbank Settlement System, NIBSS, shows that the value of online transactions performed through the various available payment channels in Nigeria rose by 2.08% in February 2022. 

Current situation 
The statistics by NIBSS show a 2.08% increase in online transactions from N28.8 trillion in January 2022 to N29.4 trillion in February 2022. Also, there was a 0.23% rise in the value of POS transactions; from N573.7 billion in January 2022 to N575.06 billion. 

  • While the value of mobile transactions and E-bills payment rose by 3.8% and 6.38% respectively, their volumes of transactions had a significant increase of 9.5% and 8% respectively. 

How did this happen? 
The global pandemic of 2020 accelerated the use of online means for transactional purposes as Nigerian banks limited the number of customers in the banking halls, amongst other safety measures. This then forced Nigerians to online banking; a faster and efficient means of transacting. With the pandemic over, Nigeria is sticking to the new mode of transacting so much so that, in December 2021, POS transactions in Nigeria attained an all-time high of N6.43 trillion. 

  • Also, the online payment system in Nigeria provides Nigerians with the ease of transacting, ability to self-serve and security of funds. 

CBN’s charge
The Central Bank of Nigeria, CBN, has said that Nigerians should exercise caution in using electronic means of transacting. CBN advises Nigerians to not deal with unlicensed or illegal financial operators. 

  • According to the apex bank, Nigerians can visit the CBN’s website or the Securities and Exchange Commission (SEC) to verify the status and license of financial institutions.
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