By Emeka Anaeto, Economy Editor

There are indications that Nigerian consumers are beginning to enjoy greater access to and convenience in multiple payment channels as financial transactions through electronic platforms rose to N30.5 trillion in the first half of 2016 (H1’16), about 75 per cent higher than N19.3 trillion recorded in the corresponding period of 2015 (H1’15).

In a data release by the National Bureau of Statistics, NBS, yesterday, about N33.8 trillion was recorded as total transactions on all channels through the banking system in H1’16 where cheques accounted for N3.3 trillion or about 10 per cent   of the total.

The portion of cheque transactions recorded in H1’16 was a significant decline when compared to about 16 per cent it accounted for in H1’15 when it recorded N3.2 trillion transaction.

The report indicates rising adoption of the cashless banking system introduced by the Central Bank of Nigeria, CBN, in 2012 to drive the financial services industry.

Cheque transactions, however still recorded about 4.1 per cent increase during the H1’16 period.

Though the main operators of the nation’s payment system, the Nigerian Inter-Bank Settlement System, NIBSS, had noted that positive developments in the nations cashless transaction space had indicated that consumers have gone beyond Automated Teller Machines (ATMs), the NBS report indicated that ATM transaction value jumped 26.9 per cent in H1’16 to hit N2.6 trillion as against   N1.9 trillion in the corresponding period of 2015.

However, they stated that “current payment trends show that the internet, which is used for Instant Payments (IP) and Point of Sales terminals (PoS) are extensively utilized for money transfers and payments for goods and services”.