Real-time payment transactions to hit 8.9bn in 2027 — Report
A new report has revealed that the volume of real-time payment transactions in Africa’s biggest economy is projected to hit 8.9 billion in 2027 from 5.1 billion in 2022.
The report in its fourth edition was published by ACI Worldwide, in partnership with GlobalData, a leading data and analytics company, and the Centre for Economics and Business Research.
It tracks real-time payments volumes and growth across 53 countries, including an economic impact study which provides a comprehensive view of the economic benefits of real-time payments for consumers, businesses and the broader economy across 30 countries.
“The COVID-19 pandemic encouraged Nigerian consumers to shift from cash to electronic payment methods, which further supported real-time payments growth,” it said.
It said in March 2021, the Nigeria Interbank Settlement System (NIBSS) launched NQR, an interoperable national QR code standard to facilitate instant P2B and P2P payments by scanning QR codes.
“This will further catapult instant payments use, helping it to record an 11.7 percent CAGR from 2022 to 2027 in terms of volume,” the report added.
A real-time payment is any payment processing network that is used to send money electronically. It offers consumers and businesses cheaper, faster and more efficient ways to pay.
In Africa’s biggest economy, NIBSS Instant Payments (NIP) is the country’s real-time payments system. Launched and developed by NIBSS in 2011, NIP is an account-number based online-real-time Inter-Bank payment solution.
