Reports gathered from the Nigerian Interbank Settlement System (NIBSS), have revealed that Nigeria’s electronic payment (e-payment) services, recorded transactions worth N56.85 trillion from January to September, 2018.
The report which was obtained by the News Agency of Nigeria (NAN) on Sunday, showed an increase of N16.4 trillion compared to the N40.45 trillion that was recorded in the same period of 2017.
The report also disclosed that most of the electronic transactions were carried out through the NIBSS Instant Payment (NIP), Automated Transfer Machines (ATMs), Point of Sales, Mobile Money, Electronic Bills Payment (E-Bills) and Web payments.
A breakdown of the report showed that ATMs transactions grew from N4.61 trillion in 2017 to N4.76 trillion at the end of the third quarter of 2018. Also, the number of transactions via ATMs under the period in review grew from N560.86 million to N650.06 million in year 2017 and 2018 respectively.
The report revealed an increase of about N635 billion in the use of POS machines to carry out payments by Nigerians. Under the period of review, 98.73 million transactions worth N975 billion were done using POS in 2017, while in 2018, the number grew to 196.83 million, valued at N1.61 trillion.
Similarly, the volume of transactions carried out by Nigerians, via mobile money increased from N795.18 billion in 2017, to N1.22 trillion as at Sept, 2018. Also, using the web payment means, the total value of transactions under the period in review increased from N129.24 billion in 2017, to N183.07 billion in 2018.
Futhermore, the value of transactions on e-bill payments, which made it possible for customers to pay utility bills such as power, cable and so on online, declined from N420.73 billion in 2017 to N370 billion in 2018.
Meanwhile, a Business and Financial analyst, Dr Patricia Auta, stated that the NIBSS report showed an increase in awareness and use of technology by businesses and individuals across Nigeria.
Dr Auta urged the Central Bank of Nigeria (CBN), to increase efforts on cashless economy policies, especially in states, to grow the electronic payment space. She also advised commercial banks to stay competitive and drive growth by providing innovative alternate payment channels to their customers.
Click Here To Promote Your Music, Video & Career With Just #5,000 Naira Only Now!!!
Click Here To Add your song To NMMP3 monthly Mixtape!!!
See posts aboutWant More Of This? Click Here Click To Leave a Comment
Share this post with your Friends on
TRENDING SONGS/POSTNnamdi Kanu Guarded By Foreign Security At A Press Conference (Photo) NSCDC Arrests Two For Selling UTME Forms Above Fixed Rate FG And Southwest Governors Reach Agreement On Amotekun Two Die, Others Injured Over Leadership Tussle In Delta Community Anthony Joshua Tipped To Blow Out Next Opponent, Kubrat Pulev Court Acquits Former Oyo Chief Whip, 3 Others Fingered In Death Of Ex-Reps Member Coronavirus May Have Been Contracted By Snakes To Humans – Researchers Download Music Mp3:- Ator Money – Chukwu Ebuka Shi’ites Can’t Be Reason For US Visa Restriction On Nigeria – IMN Ugobest Music Presents EPIC Free Beat For All Artistes To Use Prod By JVDEE
NOTE:- Make your comment a bit long to get it approved.