Technext Technext
  • Home
  • Stories
    • With the European Super League Targeting $10Bn in Broadcast Rights, Fans Might be Paying More to Watch
      With the European Super League Targeting $10Bn in Broadcast Rights, Fans Might be Paying More to Watch
      8 hours ago 0
      57
    • POS and Mobile Growth Drove e-Payment Transactions to Record N58.8tn in Q1 2021
      POS and Mobile Growth Drove e-Payment Transactions to Record N58.8tn in Q1 2021
      11 hours ago 0
      42
    • ‘Uber and Bolt will Feel it’: e-Hailing Drivers Say as they Begin Week-long Strike
      ‘Uber and Bolt will Feel it’: e-Hailing Drivers Say as they Begin Week-long Strike
      12 hours ago 0
      72
    • Clubhouse Raises Undisclosed Series C Fund at $4Bn Valuation as Competition Grows
      Clubhouse Raises Undisclosed Series C Fund at $4Bn Valuation as Competition Grows
      13 hours ago 0
      49
    • Andela Announces Global Expansion With Developers in 37 Countries Including Latin America
      Andela Announces Global Expansion With Developers in 37 Countries Including Latin America
      16 hours ago 0
      54
    • Tech Events this Week: Digital Economic Summit, Crypto Regulation Webinar and Others
      Tech Events this Week: Digital Economic Summit, Crypto Regulation Webinar and Others
      17 hours ago 0
      38
    • Social Media Roundup: Twitter in Ghana, Ahmed Musa Rejoins Kano Pillars and others
      Social Media Roundup: Twitter in Ghana, Ahmed Musa Rejoins Kano Pillars and others
      2 days ago 0
      47
    • ‘Banks Told me I was too Young to Buy Stocks’ – Tomie Balogun on why she Ventured into Investments
      ‘Banks Told me I was too Young to Buy Stocks’ – Tomie Balogun on why she Ventured into Investments
      3 days ago 0
      89
    • Global Tech Roundup: Facebook Faces $3.4Bn Fine for Latest Data Breach
      Global Tech Roundup: Facebook Faces $3.4Bn Fine for Latest Data Breach
      3 days ago 0
      60
  • Features
    • Jamb Isn’t the First! Here are 10 times Nigerian Govt Agencies have Been Hacked in the Last Decade
      Jamb Isn’t the First! Here are 10 times Nigerian Govt Agencies have Been Hacked in the Last Decade
      4 days ago 0
      100
    • Ramadan Kareem: 5 Ways Tech Can make Ramadan Easier for Your Body and Soul
      Ramadan Kareem: 5 Ways Tech Can make Ramadan Easier for Your Body and Soul
      7 days ago 0
      133
    • Identity Theft, Foolproof Scams: How Data Breaches in Tech Companies can Cost You
      Identity Theft, Foolproof Scams: How Data Breaches in Tech Companies can Cost You
      1 week ago 0
      140
    • CBN’s BVN Verification Ban: What it Means for Nigerian Fintechs and their Customers
      CBN’s BVN Verification Ban: What it Means for Nigerian Fintechs and their Customers
      2 weeks ago 0
      504
    • ‘Limiting Mindsets Prevent Women from Making the Most of Tech Communities’ – Temilade Adelakun
      ‘Limiting Mindsets Prevent Women from Making the Most of Tech Communities’ – Temilade Adelakun
      2 weeks ago 0
      198
    • Electronic Transactions Increased by 77% to N2.3bn in 2020 as USSD Transactions Increased by 80%
      Electronic Transactions Increased by 77% to N2.3bn in 2020 as USSD Transactions Increased by 80%
      2 weeks ago 0
      196
    • The dying cybercafe culture is still driving ICT penetration in low-income areas
      The dying cybercafe culture is still driving ICT penetration in low-income areas
      2 weeks ago 0
      266
  • Reviews
    • POS and Mobile Growth Drove e-Payment Transactions to Record N58.8tn in Q1 2021
      POS and Mobile Growth Drove e-Payment Transactions to Record N58.8tn in Q1 2021
      11 hours ago 0
      42
    • Tech Events this Week: Digital Economic Summit, Crypto Regulation Webinar and Others
      Tech Events this Week: Digital Economic Summit, Crypto Regulation Webinar and Others
      17 hours ago 0
      38
    • Global Tech Roundup: Facebook Faces $3.4Bn Fine for Latest Data Breach
      Global Tech Roundup: Facebook Faces $3.4Bn Fine for Latest Data Breach
      3 days ago 0
      60
    • Fundall is Helping Nigerians Gain Financial Intelligence and Make Investments
      Fundall is Helping Nigerians Gain Financial Intelligence and Make Investments
      4 days ago 0
      76
    • Lagos is the PoS Capital of Nigeria with about 70% of Total Transactions Carried out in 2020
      Lagos is the PoS Capital of Nigeria with about 70% of Total Transactions Carried out in 2020
      6 days ago 0
      134
    • Tech Events this Week: Cashless Africa, Deloitte’s Black in Tech Summit and Others
      Tech Events this Week: Cashless Africa, Deloitte’s Black in Tech Summit and Others
      1 week ago 0
      138
    • Global Tech Roundup: Twitter Wanted to Buy Clubhouse for $4 Billion!
      Global Tech Roundup: Twitter Wanted to Buy Clubhouse for $4 Billion!
      1 week ago 0
      172
  • Women in Tech
  • Videos
  • Contact Us
Go to...

    Electronic Transactions Increased by 77% to N2.3bn in 2020 as USSD Transactions Increased by 80%

    Tomiwa OnaleyeTomiwa Onaleye
    2 weeks ago
    Electronic Transactions Increased by 77% to N2.3bn in 2020 as USSD Transactions Increased by 80%

    The adoption of e-payments in Nigeria has been significantly accelerated by the COVID-19 pandemic. In 2020, over 2.03 billion electronic transactions were performed, according to Nigeria Interbank Settlement System plc (NIBSS) Insights on Instant Payments.

    This is a whopping 77% increase from 1.14 billion transacted in 2019. Similarly, the value of the electronic transaction rose significantly, recording a 50% rise from N105.2 Trillion in 2019 to N158.1 Trillion in 2020.

    USSD Grows by 80% as Nigerians Performed over 2.03Bn Electronic Transaction in 2020

    In addition to that, the number of banked Nigerians increased during the course of the year. The NIBSS revealed that the number of unique accounts that carried out an instant payment transaction rose from 29.4 million to 35.4 million in 2020.

    The report attributed the boom to the transition of people to electronic channels for funds exchange following the government imposed lockdowns.

    USSD grows by 80% in 2020

    In terms of transaction channels, Mobile remains the most preferred channel, rising by a remarkable 84% to contribute 43% of total transactions during the year.

    USSD comes second with a growth of 80% to secure 35% of the total Instant Payment (NIP) transactions. This means that the total number of USSD transactions in Nigeria rose from 422 million in 2019 to 762 million in 2020.

    At number 3, Internet Banking transactions also showed incredible growth rising from 99.8 million in 2019 to 211.3 million in 2020. This represented about 10% of the total transactions.

    USSD Grows by 80% as Nigerians Performed over 2.03Bn Electronic Transaction in 2020

    Other channels like Third-party payment operators (6.0%), Bank Teller (4.6%), ATM 0.5% and POS Terminals contributed the remaining instant payment transfers in the country.

    Generally, the numbers indicate that a whopping 78% of total transfer transactions were carried out using a mobile device. This can be attributed to the move away from physical channels during the lockdown.

    Also, the use of ATM for transfers is dropping. Its contribution to the total NIP transaction during the year fell from 0.7% in 2019 to 0.5% in 2020. Similarly, the use of POS for transfer was less than 1% of the total NIP for the year.

    All this points to the fact that the ATM and POS channels are more used for withdrawal and transactions and not transfers.

    Youth Boost Adoption of Electronic Payment

    In terms of age distribution, the youths are leading the adoption of instant payments in the country. According to the report, Nigerians between the ages of 25- 34 years carried out about 36% of all the interbank NIP transactions in 2020.

    USSD Grows by 80% as Nigerians Performed over 2.03Bn Electronic Transaction in 2020

    Similarly, adolescents and youths between the ages of 15 and 24 saw a spike in adoption. Their age group saw an incredible growth of 97% to contribute about 12% of the total NIP.

    The growth can be traced to the increasing mobile and internet inclusion especially within the youth population. This is because they are more likely to adopt electronic payments.

    Lagos Remains the Hub for Electronic payments

    According to the report, Lagos remains the biggest hub for electronic payments in the country.

    USSD Grows by 80% as Nigerians Performed over 2.03Bn Electronic Transaction in 2020

    Residents of the country’s economic hub were responsible for more than 30% of the total NIP transactions initiated by Nigerians.

    While this is not unsurprising the gap between the contribution of Lagos and the next state on the chart – FCT (7%) is too large. This shows that the spread of the growing adoption of electronic payment is not even across states.

    The stats of the remaining states in the top 5 – Ogun (6%), Rivers (6%) and Oyo (5%) confirms the gap.

    On the bottom end, Yobe (0.4%), Zamfara (0.4%), and Jigawa State (0.3%) lead the charts. Their poor level of electronic payment adoption can be attributed to several things including the low financial, mobile and internet inclusion in the region

    USSD Grows by 80% as Nigerians Performed over 2.03Bn Electronic Transaction in 2020

    In Summary

    Nigeria has the fourth-largest unconnected population in the world – 58% just below China and India.

    However, with over 49.5% smartphone ownership and an estimated 97 million already mobile internet users, there is a strong prospect for continuous growth in the coming years.

    NIBSS agrees, forecasting significant growth for NIP in the short-medium term due to the strong indicators from mobile and USSD payments.


    If you’d like to get featured on our Entrepreneur Spotlight, click here to share your startup story with us.


    SUBSCRIBE

    Get latest Technology news, reviews, business-related content with a deliberate emphasis on the African narrative and insightful analysis in Nigeria – straight to your inbox.


    Comments

    Share :
    • Facebook
    • Twitter
    • Google+
    • Pinterest
    • Linkedin
    • Email
    Tomiwa Onaleye

    Tomiwa Onaleye

    Tomiwa Onaleye is a content writer that mines emotion bred from words. He is an avid lover of gadgets and Tech World. He graduated with B.Sc Mechanical from the prestigious University of Ibadan.

    Egyptian Early-stage Startups to Get Boost as Algebra Ventures Launches $90M Fund
    Next article
    Egyptian Early-stage Startups to Get Boost as Algebra Ventures Launches $90M Fund
    Nigeria
    Previous article
    Nigeria’s Mopewa Ogundipe to develop Clubhouse Android App as Creators Start Getting Paid

    Related Posts

    • Stories 8 hours ago

      With the European Super League Targeting $10Bn in Broadcast Rights, Fans Might be Paying More to Watch

      With the European Super League Targeting $10Bn in Broadcast Rights, Fans Might be Paying More to Watch
      Reviews, Stories 11 hours ago

      POS and Mobile Growth Drove e-Payment Transactions to Record N58.8tn in Q1 2021

      POS and Mobile Growth Drove e-Payment Transactions to Record N58.8tn in Q1 2021
      Stories 12 hours ago

      'Uber and Bolt will Feel it': e-Hailing Drivers Say as they Begin Week-long Strike

      ‘Uber and Bolt will Feel it’: e-Hailing Drivers Say as they Begin Week-long Strike
    • Stories 13 hours ago

      Clubhouse Raises Undisclosed Series C Fund at $4Bn Valuation as Competition Grows

      Clubhouse Raises Undisclosed Series C Fund at $4Bn Valuation as Competition Grows
      Stories 16 hours ago

      Andela Announces Global Expansion With Developers in 37 Countries Including Latin America

      Andela Announces Global Expansion With Developers in 37 Countries Including Latin America
      Reviews, Stories 17 hours ago

      Tech Events this Week: Digital Economic Summit, Crypto Regulation Webinar and Others

      Tech Events this Week: Digital Economic Summit, Crypto Regulation Webinar and Others

    Bitcoin Recent Prices

    Brandest

    Sign up for Newsletters

    Popular News

    • Nigerian Data Analytics Firm, Terragon Group Gets $5m Funding from TLcom Capital
      Nigerian Data Analytics Firm, Terragon Group Gets $5m Funding from TLcom Capital
      April 3, 2018 0
    • #fromuchewithlove: Taxify Redefines Customer Relationship Management with Valentine threat
      #fromuchewithlove: Taxify Redefines Customer Relationship Management with Valentine threat
      February 14, 2018 0
    • NCC Stats: Internet Subscribers in Nigeria Exceeds 146M in July as Broadband Penetration Hits 42%
      NCC Stats: Internet Subscribers in Nigeria Exceeds 146M in July as Broadband Penetration Hits 42%
      8 months ago 0
    • Zimbabwe Central Bank Permanently Bans Mobile Money Operators Over Allegations of Money Laundering
      Zimbabwe Central Bank Permanently Bans Mobile Money Operators Over Allegations of Money Laundering
      8 months ago 0
    • Is MTN Nigeria Bringing Back Project Fame and Repackaging the Show as MTN Y’ello Star?
      Is MTN Nigeria Bringing Back Project Fame and Repackaging the Show as MTN Y’ello Star?
      February 17, 2020 0

    Follow Us

    Latest Tweets

    • technextdotng New post: With the European Super League Targeting $10Bn in Broadcast Rights, Fans Might be Paying More to Watch https://t.co/outy0AwjP7
      about 5 hours ago
    • technextdotng New post: Dear Nigerians, We Might be Paying Much More to Watch the European Super League https://t.co/outy0AwjP7
      about 8 hours ago
    • technextdotng RT @mmekid_mfon: I’ve not opened my clubhouse app in a month. The initial excitement seems to be wearing out, but happy to see them raising…
      about 8 hours ago
    • technextdotng New post: POS and Mobile Growth Drove e-Payment Transactions to Record N58.8tn in Q1 2021 https://t.co/GpMChhRmaQ
      about 10 hours ago

    Instagram

    technextdotng

    Technext.ng is the go-to site for news, reviews and insightful analysis in the Nigerian tech space.
    http://ow.ly/ayTM30mSlGS

    The Federal Government of Nigeria has lifted its s The Federal Government of Nigeria has lifted its suspension on the sale and activation of new SIM Cards in the country from Monday, 19th of April 2021.

So if you have you been wanting to get one, you can get from now.
.
.
.
.
 #Nigeria #Terrorism #Communication #Tech #TechNews
    Nigeria’s Joint Admissions and Matriculation Boa Nigeria’s Joint Admissions and Matriculation Board (JAMB) has reported that hackers breached its website.

Speaking to journalists, the registrar of the board, Ishaq Oloyede, revealed that the hackers stole over N10 million after gaining access to its intranet site and altering the profiles of its ad hoc staff.

He added that the investigation led to the arrest of one Sahabi Zubairu from Taraba state, among several others.

Sahabi, however, isn’t the first hacker to successfully hack a government website. Over the last 10 years, there have been several attempts but not all have been reported.

Based on Technext’s findings, here are some of the government hacks that have been reported in the last decade.
.
.
.
.
.
#cybersecurity #infosec #IoT #AI #hacking #hacker #pentest #tech #code #coding #python #php #linux #java #webdev #programming #programmer #webdeveloper #digital #technology #security #government
    @uduXmusic, a Nigerian music streaming service has @uduXmusic, a Nigerian music streaming service has partnered with @Piggybanng to developed an artists investment program called #PopRev. The new product will allow fans to invest in a musician’s project and make profits based on its digital streaming performance.

According to the CEO of uduX, Chidi Okeke, PopRev intends to harness the opportunity between musicians and people who are directly ‘invested’ in their music.
.
.
.
.
.
#dj #radioshow #podcast #electronic #dance #music #progressive #pro #Spotify #Nigeria #Africa #music #love #hiphop #art #rap #musician #singer #rock #life #dance #photography #song #guitar #happy #style #producer #fashion #newmusic
    In the wake of the planned boycott by Kenya’s e- In the wake of the planned boycott by Kenya’s e-hailing drivers, Bolt PR Manager for Africa, Nthabiseng Mokoena has told Technext that the e-hailing company is currently reviewing rates to arrive at a favourable outcome for driver-partners.

Ride-hailing drivers in Kenya under the aegis of the Digital Taxi Forum had recently threatened to withdraw their services if Uber and Bolt do not increase base fares and/or cut down commissions following a sharp increase in fuel prices. The drivers gave e-hailing operators a 30-day ultimatum to meet their demands or face a massive boycott.
.
.
.
.
.
#survivalfundng #survivalfund #msmes #msmes #kenya #bolt #boltdrivers #uber #transportworkers
    @JoinClubhouse has raised Series C funding from it @JoinClubhouse has raised Series C funding from its partners. The amount is undisclosed but the startup says the round was led by Andrew Chen at a16z and had participation from major investors including DST Global, Tiger Global, and Elad Gil.

The startup released its iOS app in March 2020 and raised funds at a $100 million valuation in May of the same year. 

Now a unicorn, the startup’s valuation has grown exponentially since its first raise and its latest raise is reportedly at a valuation of $4 billion according to market rumours.

With this raise, the unicorn says it will be focusing on scaling its team heavily to support international growth.
.
.
.
.
.
#startupnews #startupstories #startupstory  #clubhouse #clubhouseapp #Tech #Startups #SocialMedia #App #MobileApp #Voice #Tech
    @TomieBalogun did not start out with the goal to p @TomieBalogun did not start out with the goal to provide highly sought-after financial insights for over 60,000 Millenials by the year 2021. But, when she realized that she had a challenge with increasing her wealth even after working a number of corporate jobs, she decided to do something about it.

Currently, her fintech startup, The Green Investment Club, is on the verge of committing a 6-figure fund in dollars into a venture capital (VC) vehicle to be invested into African startups. TGIC has invested over $14 million into small and medium businesses and created more than 2,000 jobs. Tomie is also the founder of The Vestract Company; a financial education and investment opportunity platform.
.
.
.
.
.
.
.
#investingwithtomie #tomiebalogun #themillennialinvestor #forextrader #forextrading #fxtrader #daytrading #forexprofit #millionairemindset #technicalanalysis #VentureCapital #VC
    Load More... Follow on Instagram

    Random News

    • Nollywood Movies Still Doing Well as Nigerians Spent N443 million at Cinemas in January
      Nollywood Movies Still Doing Well as Nigerians Spent N443 million at Cinemas in January
      February 11, 2019 0

      Is cinema culture really taking off here in Nigeria? We’ll get to this later. But according to statistics from the ...

      Read More
    Copyright 2020 technext.ng | Privacy Policy | Media Policy