Industry Payment Report
August – September 2014
Since January 2014, NIBSS has seen tremendous growth in electronic payments trends on its platforms as consumers spending habits increasingly shift towards the use of alternative e-payment channels aside the Automated Teller Machines (ATM) which are generally used to retrieve Cash to pay for goods and services. In July 2014, NIBSS for the first time since its history recorded over 10,000,000 e-payment transactions on its platform during the month.
This trend is not only indicative of the potential for electronic payments in Nigeria but also the need for greater attention and investments towards enhancing the infrastructure required to create greater efficiency in the e-payments space which would ultimately support the rising level of its adoption in Nigeria.
As the central utility infrastructure for e-payments in Nigeria, NIBSS is focused on providing shared services for the Nigeria Financial Sector as well as be in the forefront of e-payments innovation and an advocate for Industry collaboration that would improve the efficiency and reduce the cost of operations for all financial institutions. It is expected that e-payments would become a significant contributor to Nigeria’s GDP by year 2020.