By Elizabeth Adegbesan
Value of electronic payments in Nigeria rose by 10 percent to N32.5 trillion in the first quarter of 2018 (Q1’18) from N29.4 trillion in fourth quarter 2017(Q4’17).
Meanwhile Nigerians withdraw N1.6 trillion through Automated Teller Machine (ATM) in Q1’18, showing a 13 percent decline when compared with N1.83 trillion recorded in the Q4’17.
Vanguard’s analysis of data released by the National Bureau of Statistics (NBS) last weekend indicated that ATM transactions dominated the volume of electronic transactions which stood with at 212.4 million in Q1’18, representing a decline of 11.4 percent compared to 239.7 million in Q4’17 .
Further analysis showed that volume and value of Point of Sale (PoS) transactions stood at 54 million and N474.7 billion in Q4’18 compared to 48 million and N435 billion in Q4’17.
NIBSS Instant Payment (NIP) increased in volume and value by 12 percent to 139.8 million and N17.8 billion against 122.9 million and N15.7 billion recorded in Q4’2017.
NIBSS Electronic Fund Transfer (NEFT) recorded a decline in volume by 22.2 percent and value by 11 percent to 9 million and N3.7 billion in Q1’18 from 11 million and N4.1billion in Q4’17 respectively.
During the quarter under review, the volume and value of Mobile Payment transactions grew by 25 percent and 7.0 percent to 15 million and N329 billion from 12 million and N307 billion in Q4’17.
Volume of financial transactions through the internet declined by 1.0 percent to 9.6 million in Q1’18 compared to 9.7 million in Q4’17, while value of internet transactions grew by 9.0 percent to N60.7 billion from N55 billion in Q4’17.
Transactions through Remita also declined in volume by 4.3 percent to 11 million in Q4’18 compared to 11.9 million recorded in Q4’17 while the value increased by 46.1 percent to N5.3 billion from N3.6 billion in Q4’17 E-billspay volume of transactions increased by 22.3 percent to 245,473 in Q1’18 from 190,876 in Q4’17 while value of the transactions fell by 3.0 percent to N126 billion from N130 billion recorded in Q4’17.