Money market

Black Friday: Instant payments hit over 3.3m – NIBSS

Story by Kayode Tokede

The Nigeria -Interbank Settlement -System (NIBSS) has said Instant Pay hits a total of 3.4 million transactions made by bank depositors during the Black Friday.

The annual event witnessed an outburst last the last Friday of November as shoppers went all out buying from e-commerce and shopping malls across the nation to benefit from the slashed discount rates prices and massive sales offered by wholesale and retail traders.

Analysts observed that shoppers flocked shopping malls that offered Black Friday deals on various items, ranging from smartphones to TVs, electronics, beauty products, smart devices and groceries.

The data indicated that a low failure rate of 0.4per cent was recorded on the platform, with customers experiencing a total of 13,643 failed transactions and 3.318 successful payments.

NIP has been adjudged the most preferred platform for electronic payment having grossed more transactions in monetary terms than the PoS and e-Bills Payment over the years.

Black Friday, which started in the United States, marks the beginning of the Christmas season and it is usually the Friday after Thanksgiving, which falls on the fourth Thursday in November.

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