E-payment transactions rise by 85.52% in one year, CBN projects 3% GDP growth.


The Debt Management Office on Tuesday disclosed that the Federal Government would offer N150bn bonds for subscription in September.

A circular by the DMO on its website showed that the breakdown of bonds comprised of three bonds worth N50bn each. They are 10-year re-opening bond to be offered at the rate of 13.98 per cent and to mature in February 2028; a 20- year reopening bond to be offered at 12.40 per cent and mature in March 2036; and the third and longest bond which is a 30-year reopening bond to be offered at 12.98 per cent and mature in March 2050.

According to the DMO, the bonds, which will be auctioned on September 22, have a settlement date of September 24.
The Central Bank Governor, Godwin Emefiele, has said that the country’s Gross Domestic Product can rise to three per cent by the end of 2021.

He spoke during the 14th annual Chartered Institute of Bankers of Nigeria’s banking and finance conference with the theme, ‘Recovery, inclusion and transformation: The role of banking and finance’ in Abuja on Tuesday. The event was attended by the Vice President, Prof. Yemi Osinbajo, among other dignitaries.

He also disclosed that the country’s robust payment system had continued to evolve towards meeting the needs of households and businesses in Nigeria. To consolidate on the growth and resilience of Nigerian banks in the last decade, he said the central bank would be establishing The Nigerian International Financial Centre in the next 12 months.

Nigeria’s electronic payment transactions increased by 85.52 per cent year-on-year to N171.99tn in August 2021, data obtained from the Nigeria Inter-Bank Settlement System have shown. From January to August 2020, e-payment was N92.71tn. It increased to N171.99tn in the corresponding period in 2021, which is 85.52 per cent increase y-o-y.

E-payment transactions are tracked on the NIBSS through the Nigeria Instant Payment System and Point of Sales terminals. NIP transactions witnessed 86.79 per cent increase y-o-y, from N89.90tn in 2020 to N167.93tn in 2021. PoS transactions witnessed 44.85 per cent increase y-o-y, from N2.81tn in 2020 to N4.07tn in 2021.