E-payment in Nigeria falls by N1.9trn in February

Despite current cash scarcity, Nigeria’s electronic payment system notably declined in February 2023.

Data obtained from the Nigeria Inter-Bank Settlement System showed that Nigerians exchange N37.67 trillion via various electronic channels, which include Point of Sales, Automatic Teller Machine and Mobile transfer.

The cashless transaction in February is a 4.83 percent fall when compared to N39.58tn that was recorded in January.

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