Spent in e-invoices, such as power, pay-TV and other utilities, increased by N576.410 million year-on-year, according to data from the Nigerian Interbank Settlement System.
The data revealed that N2.63 trillion was spent on e-invoices from January 2022 to November 2022, an increase of 28.14% over the N2.05 trillion spent in the corresponding period of 2021. While the e-invoice value increased significantly in 2022, volume fell 31.99% from 841,796 in the 11 months of last year to 1,111,087.
According to NIBSS, electronic invoices are everyday invoice transactions that are accessible and seamless. It read: “E-BillsPay is an electronic bill payment platform that facilitates the payment of bills, fees, liens, premiums and subscriptions, etc. by the banking public through electronic payment channels provided and managed by banks” .
He added that the contact points for these payments include bank branches, internet banking, mobile banking, USSD and agent networks.
A recent Mastercard survey revealed that 91 percent of respondents in Nigeria said they used digital platforms to conduct financial transactions. The report titled ‘Financial Inclusion: Connecting People to Finance, Health and Education’ revealed that 46% of all respondents in all countries where the survey was conducted chose to pay utility bills. and the receipt of wages as the most used digital financial transactions. followed by the purchase of goods and services.
He said: “There is now a greater awareness of mobile money, combined with a broader diversification in its uses. Consumers are now more open to using mobile money for more than just transactions.
“They are using credit, savings and insurance products; in many cases, mobile money is used to receive payments for services or products. Consumers are also paying bills and buying products using mobile money.”
The 2021 Mastercard MEA Inclusion Survey indicated that 46 percent of respondents chose paying utility bills and receiving wages and other payments as the most used digital financial transactions, followed by purchasing goods and services.
“Money transfers to and from family and friends rank as the fifth most used digital transaction, followed by savings and investment payments.”
In a previous interview with the punch, a telecom industry expert, who did not want to be named, revealed that the adoption of mobile devices is driving the growth of electronic bill payments. The expert explained that convenience and speed were factors that contributed to the growth of the payment channel.
The expert said: “When people make payments, they don’t have to wait long before it reflects. People can pay as they go and get service right away.
“Convenience and speed are the two key drivers for it. Now that we are talking about financial inclusion with PSB and other mobile money in areas without access to banks, people can use phones to carry out financial transactions”.
According to the expert, convenience and speed are what are driving the rise of mobile transactions. “Mobile technology is driving this adoption rapidly. As I said, mobile allows payment on the go. It is not based on location. Mobile is the way to go; mobile is what is driving adoption.”
The growth of electronic bill payment is expected to continue, especially with the new Central Bank of Nigeria policy on cashless transactions.
In its ‘Naira Redesign Policy – Revised Cash Withdrawal Limits’, CBN said: “Customers should be encouraged to use alternative channels (Internet Banking, Mobile Banking Apps, USSD, Cards/POS, eNaira etc.). .) to carry out your banking transactions. .”