By Babajide Komolafe
LAGOS— The Central Bank of Nigeria (CBN) yesterday said that value of electronic transactions rose by four percent to N51.8 trillion in 2016.

The apex bank disclosed this in a report entitled: “White paper on statistical data on varying e-payment channels in Nigeria from 2012- 2016.”

The report revealed increasing adoption of electronic payments channels, namely cheques, NIBSS Electronic Funds Transfer (NEFT), NIBSS Instant Payment, ATM, Point of Sale (PoS), Mobile money and the internet.

Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele

The report shows that the value of electronic payment transaction rose from N27.56 trillion to N51.8 trillion in 2016, indicating 88 per cent increase.

However, the volume of electronic payment dropped from 41.5 billion in 2012 to 34.9 billion in 2016, indicating 16 per cent decline.

In terms of value, the report shows that NIP transactions recorded the highest growth of 2,570 per cent from N3.9 trillion in 2012 to N29.6 trillion by 2570 percent in 2016. This was followed by web-based transactions which grew by 2,150 per cent from N32 billion to N101 billion.

Mobile transactions came third with 1,740 per cent growth from N32 billion to N569 billion. PoS transactions came fifth growing by 1.087 per cent from N48 billion to N570 billion. ATM transaction came sixth with 98 per cent growth from N1.98 trillion to N3.92 trillion. The value of cheque-based transactions, however, dropped by 12 per cent from N7.5 trillion in 2012 to N4.8 trillion in 2016.

In terms of volume, NIP transactions recorded the highest growth with 2367 per cent growth from 4.5 million transactions in 2012 to 111 million transactions in 2016. PoS came second growing by 1735 per cent from 2.6 million transactions to 47.7 million transactions. Volume of mobile money transactions rose by 1522 per cent to 37.3 million from 4.5 million, while web-based transaction grew by 357 per cent to 10.5 million from 2.3 million while ATM transactions rose by 25 per cent to 471 million from 376 million. However volume of cheque-based transactions and NEFT transaction dropped by 20 per cent and 15 per cent respectively from 12.2 billion and 28.9 billion in 2012 to 9.7 billion and 24.5 billion in 2016.