The total amount – N318.66 trillion represented the amount of the total volume of transactions processed on the Nigeria Instant Payment System, NIPS and Point of Sales terminals, PoS.
According to the data from the Nigeria Inter-Bank Settlement System, NIBSS, cashless transactions in Nigeria increased by 41.75 percent to hit N318.66 trillion from January to November 2022. The figure was N224.79 trillion In the corresponding period of 2021.
This increase in cashless transactions indicates a strong acceptance of digital payments in the nation and has also revealed a sustained growth in electronic payments since the COVID-19 pandemic.
