Electronic transfers

Nigeria among top 10 countries for real-time payment processing

Nigeria was ranked sixth on a list of the top 10 countries in the world in terms of real-time payment transactions in 2021.

Nigeria followed countries like India, which retained the top spot with 25.5 billion real-time payment transactions, and China with 15.7 billion transactions. South Korea came third with 6.0 billion, Thailand (fourth) with 5.2 billion and the United Kingdom (fifth) with 2.8 billion.

The other countries on the list are Japan in seventh place with 1.7 billion transactions, Brazil (eighth) with 1.3 billion transactions and the United States with 1.2 billion transactions.

The data comes from a global research by ACI Worldwide and GlobalData.

Nigeria operates largely through the NIBSS Instant Payments (NIP) platform, launched in 2011. The platform allows users to make round-the-clock transfers through the Internet and mobile banking, bank branches, kiosks, mobile USSDs, point-of-sale terminals and ATMs.

The PIN platform is available to retail and business customers with maximum daily transaction limits.

Business Insider described payment as “the most developed real-time payment system in Africa” ​​as the instant payment platform has seen strong adoption over other types of electronic payment, accounting for 72.6% of all electronic payments in 2020.

The report was based on prime time for real-time research, which sampled real-time account-to-account payment volumes and global forecasts using 48 markets.

According to research, real-time payment volumes in Nigeria increased in 2020, linking the increase to the outbreak of COVID-19.