Latest data by the Nigeria Inter-Bank Settlement Systems (NIBSS) has revealed that electronic transactions hit N32.8 trillion in the ninth month of the year. This brings the total value of e-payments in the country from January – September to N271.5 trillion.
What’s more
When compared to last year’s electronic payment of N23.5 trillion in September, 2022 figures of N32.8 trillion shows an increment of 39.5%. However, September 2022 figures show a decline of 1.2% from that of August 2022.
Why it matters
The adoption of electronic payments methods in Nigeria shows Nigerians are embracing the cashless policy of the country’s Central Bank of Nigeria (CBN).
Cashless policy in Nigeria
The CBN pegged a service charge on daily withdrawal above five hundred thousand Naira or N500,000.00 for individuals and three million Naira or N3, 000,000.00 for corporate bodies. While the CBN administered 3% service charge on withdrawals over N500,000.00, it administered 5% on withdrawals in excess of N3, 000,000.00. The CBN enforced the cashless policy to reduce the volume of cash in circulation and not to eliminate the use of cash.