Love is chill. On Thursday, February 14, Nigerians weren’t just wearing red clothes and walking the streets, they also put their money where their hearts were.

On Thursday, bank customers celebrating Valentine’s day carried out about 2.5 million transactions on Nigeria Interbank Settlement System, NIBSS Instant Pay platform.

This is according to live updates provided by the NIBSS.

As shopping for gift items and visit to entertainment spots in the country to celebrate the day increased, online payment of bills via NIP hit exactly 2,500,177 transactions as of 7.20pm on Thursday.

Analyses of the live electronic payment data indicated that a low failure rate of 0.62% was recorded on the platform, with customers experiencing a total of 15,588 failed transactions.

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The data showed that funds transfer formed the bulk of the volume of the NIP transactions.

NIP has been adjudged the most preferred platform for electronic payment having grossed more transactions in monetary terms than PoS and e-Bills Payment over the years.

The statistics also showed that Point of Sales transactions carried out by merchants and retailers in the country were 878,336 as of 7.20 pm on the same day.

The data indicated that transactions on PoS had a high failure rate of 13.85% as the volume of failed transactions on the terminals stood at 121,635 at the same time.

NIP recorded the highest volume of transactions – 38,211 – at 4.30pm, while electronic payment on PoS peaked also at 4.30pm, recording a volume of 16,715.

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