Nigerians transacted over N20tn instant payment transactions in May according to the Nigeria Inter-Bank Settlement System.

Transaction in May was 0.15 per cent higher than for April. Instant payment transactions in May also showed a spending recovery from the month of April.

Volume of transactions increased to 279.417 million from 265.121 million in May, a 5.4 per cent increase.

The transactions by volume of mobile inter-scheme transaction increased by 7.46 per cent from 18.36 million in April to 19.73 million in May.

Value of transactions grew by 4.81 per cent from 502.71bn in April to 526.9bn in May.