Black Friday: Banks instant payments hit 3.4 million

Bank customers carried out record 3.4 million transactions on Nigeria Interbank Settlement System Instant Pay platform on Black Friday.

Live updates provided by the NIBSS stated that as of 6pm on Friday, the NIP deals hit exactly 3,397,150.

Shoppers thronged offline and online stores nationwide to benefit from the discounted prices and massive sales offered by wholesale and retail traders.

Though many retailers were already offering price slashes few weeks before Friday, the deals reached a peak on November 29.

Our correspondent observed that shoppers flocked shopping malls that offered Black Friday deals on various items, ranging from smartphones, to TV and other electronics, beauty products, smart devices and groceries.

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.

Analyses of the live electronic payment data indicated that a low failure rate of 0.4 per cent 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.

Meanwhile, the Federal Government is 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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