Instant payments hit over 3.3 million on Black Friday

A total of 3.4 million transactions were made by bank depositors on Nigeria Interbank Settlement System Instant Pay platform yesterday, Black Friday, data obtained by NIBSS disclosed.

The annual event witnessed an outburst yesterday 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.

Nairametrics’ 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.

Details: Punch stated that the data indicated that a low failure rate of 0.4% 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.

Meanwhile, Nairametrics had reported that the Federal Government was making moves to review the N50 stamp duty charges on electronic payments in the country after receiving backlash from Nigerians and industry stakeholders.

A Financial Bill currently before the National Assembly stated the N50 charge would be imposed on transactions above N10,000 as against payment above N1,000 that had taken effect across the country in September.

The bill exempted bank transfers between two accounts owned by the same person or organisation.

The new bill aims to repeal a provision of the Stamp Duty Act 2014, which had a threshold for receipts chargeable with stamp duty as N4 and above.

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