NIBSS Says E-Bills Gulps N2tn, Highest Recorded In 2022
A data from the Nigeria Inter-Bank Settlement System has shown an increase of 30.84 per cent from the N1.67tn in the money spent on electronic bills such as power, PayTV, in the first nine months of 2022.
The data pointed out that this is the first-time electronic channels have been used to process over N2tn in utility bills, adding that the daily bill transactions are accessible and seamless, with online real-time transaction reporting, biller notification, and easy reconciliation.
The NIBBS stated, “e-BillsPay is an electronic bill payment platform that facilitates the payment of bills, fees, levies, premiums, and subscriptions etc. by the banking public through electronic payment channels provided and managed by banks.”
Giving pandemic as reason for customers opting for contactless transactions which pushed merchants to integrate online payment options with financial institutions.
The NIBSS further explains e-Bills Pay touch points include bank branches, Internet banking, mobile banking, USSD, and agent networks.
According to industry experts, mobile adoption is key to the growth of e-bills, payments with individuals relying on the ease and speed of mobile devices. Point of Sale terminals has also been attributed to this growth, with 955,234 deployed POS in the nation.
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