The Nigerian Electronic Fund Transfer and Instant Payment transactions on the Nigeria Inter-Bank Settlement are likely to hit N2.48tn on a monthly basis. The projection is based on the revelation by the Central Bank of Nigeria that NEFT and NIP transactions, processed by the NIBSS, had reached N80bn daily, which will translate into about N2.48tn monthly. The Deputy Governor, Operations, CBN, Mr. Tunde Lemo, recently disclosed that the NEFT and NIP transactions were already in the range of N80bn daily.
Lemo explained that the NIP was recording over N20bn in daily transaction value, while NEFT was conducting about N60bn transactions daily. The NIP and NEFT are e-Payment channels used to make payments for huge transactions electronically. The NIBSS provides the infrastructure for automated processing, settlement of payments and fund transfer instructions between banks, discount houses and card companies in the country.
Lemo explained that the NIP was recording over N20bn in daily transaction value, while NEFT was conducting about N60bn transactions daily. The NIP and NEFT are e-Payment channels used to make payments for huge transactions electronically. The NIBSS provides the infrastructure for automated processing, settlement of payments and fund transfer instructions between banks, discount houses and card companies in the country.
