The Nation
The impact of e-commerce on the Nigerian economy is getting bigger and increasingly prominent by the day. E-commerce has not only given rise to a league of sophisticated digital consumers, but also a league of digital market entrepreneurs, and lately disrupting the informal retail sector, where activities of market aggregators like Alerzo are giving retailers improved market experience.
Giving credence to this is recent data by Nigeria Inter-Bank Settlement System Plc (NIBSS), which shows that e-commerce brands and fintechs are driving growth in agency banking with Point Of Sale (POS) transactions. According to the body that tracks payment volumes and value through the Nigeria Instant Payment System and Point of Sales terminals, N53.83tn was transferred through the NIP system, while N1.15 trillion was processed through PoS terminals in the first two months of 2022. It said individuals used electronic channels 86.57% more in the first two months of 2022 than they did in the corresponding period of 2021.
