Electronic payment machines are becoming increasingly popular in Nigeria by 2024.<\/p>\n
With the recently resolved cash scarcity issue, Nigerians have adapted to the use of POS for cash payments and withdrawals. This transaction increased to N234.4 trillion in the first quarter (Q1) of 2024 as more Nigerians went cashless during the period.<\/p>\n
The Nigeria Inter-Bank Settlement System (NIBSS) reported an 89% increase in the value of Instant Payment (NIP) to N234.4 trillion from N123.9 trillion in Q1 2023.<\/p>\n
From the beginning of this year to March, there has been a steady rise in the amount of payment transactions carried out via various banks and fintech electronic channels in the country<\/p>\n
Though the NIP transaction value rose to N72.1 trillion in January from N71.9 trillion recorded in December 2023, the value of electronic payments increased further to N79.3 trillion in February and by March, the value of electronic transactions in the country had surged to an all-time high of N83 trillion.<\/p>\n","protected":false},"excerpt":{"rendered":"
Electronic payment machines are becoming increasingly popular in Nigeria by 2024. With the recently resolved cash scarcity issue, Nigerians have adapted to the use of POS for cash payments and withdrawals. This transaction increased to N234.4 trillion in the first quarter (Q1) of 2024 as more Nigerians went cashless during the period. The Nigeria Inter-Bank […]<\/p>\n","protected":false},"author":27,"featured_media":27746,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[],"class_list":["post-27738","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/27738","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=27738"}],"version-history":[{"count":3,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/27738\/revisions"}],"predecessor-version":[{"id":27763,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/27738\/revisions\/27763"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/27746"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=27738"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=27738"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=27738"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}