Nigeria Leads Egypt, Kenya in 2016 Instant Payment Transactions

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Nahimah Ajikanle Nurudeen
The latest statistics revealed by the Nigeria Inter-Bank Settlement System Plc (NIBSS) has shown that the country was ahead of Egypt and Kenya in Instant Payment transactions in 2016.

According to the NIBSS report, Nigeria reached 154.5 million milestone with value of N38.2 trillion in 2016.

Of the four Africa countries observed by NIBSS, Nigeria has $124 million in value of Instant Payment Market in 2016 while Egypt and Kenya had $66.700 and $39.800 in 2016.

Ghana on the other hand has $204,000 in value of instant payment transactions in the same year.

The Nigerian performance indicated an increase of 117 per cent from previous year instant payment transactions.

According to the report, successful rate on key payment channels in 2016 rose by 99 per cent on Instant payment.

Automated Teller Machine (ATM) and Points of Sales (POS) increased by 89 per cent and 86 per cent in 2016 respectively.

Instant payment Transactions by Channel according to NIBSS report noted that Mobile transactions recorded 60.1million while Internet Banking transaction recorded 41.6 million in 2016.

Others include, 28.5 million banker teller transactions; USSD transactions recorded 18.8 million; Third Party payment last year was at 7.9 million; ATM has 0.4million; Merchant, 0.3 million and 0.0 million on POS.

 

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