Electronic payments attract N43trn in Q2

The Central Bank of Nigeria (CBN) report has revealed increased in electronic payment channels with transactions risen to N43tr in the second quarter of the year against N30.5tr recorded in the half of year 2016.

The platforms include the use of cheques, NIBSS Electronic Funds Transfer (NEFT), NIBSS Instant Payment, ATM, Point of Sale (PoS), Mobile money and the internet.

Nigeria Inter-Bank Settlement System Plc (NIBSS) Instant Payment recorded the highest transactions in both volume and value. In 128,266,151 dealings, a total sum of N18.866tr was transacted, a little higher than N18.331tr recorded in the first quarter of the year in 108,937,146 transactions.

Cheques transactions was peak at N6.913tr in 13,444,393 transactions against the first quarter of N6.730tr recorded in 15,161,194 transactions. NEFT a total of N8.513tr was recorded in 10,050,688 transactions, higher than the first quarter N6.600tr in 8,659,042 transactions.

In the use of Automated Machines, a total of 351,922,647 transactions valued at N3.421tr was recorded in the second quarter of the year, against the N3.372tr value in 331,618,322 dealings in various banks in the first quarter of the year.

For PoS, N324.131bn was recorded in 32,774,728 transactions in the second quarter of the year, quite aginst N285.977bn in 26,646,982 transactions in the first quarter of the year. Internet ( Web) transactions recorded lowest patronage in volume of 5,965,106 transactions valued at N37.093bn.