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PoS transactions rise by 57% to N1.6tr in Q3’18

Nigerians open 4.4m bank accounts
Inactive bank accounts rise by 1.7m

By Elizabeth Adegbesan

VALUE of Point of Sale (PoS) transactions grew by 57 percent  quarter-on-quarter, QoQ, to N1.6 trillion in the third quarter of 2018, Q3’18, from N1.02 trillion in Q2’18, while    Nigerians opened 4.4 million bank accounts during same period. The new bank accounts opened during the quarter comprise 3.4 million savings accounts and 800,000 current accounts.

However, the number of inactive bank accounts rose by 1.7 million during the period.

These were highlights of the Q3’18 e-payment factsheet  released by Nigeria Interbank Settlement Systems (NIBSS) last weekend. Financial Vanguard analysis  of the NIBSS factsheet    showed that   the value of Point of Sale (PoS) transactions grew by 57 percent,    quarter-on-quarter (QoQ), to N1.6 trillion in Q3’18 from N1.02 trillion in Q2’18  while the volume of PoS transactions rose by 63 percent to 196.83 billion from 120.79 billion.

Furthermore, the value of NIBSS Instant Payment (NIP) transactions   grew by N19.95 trillion or 54 percent   to N56.85 trillion in Q3’18 from N36.90 trillion in Q2’18 while the volume of NIP transactions also rose by 63 percent to 308.41 million in Q3’18 from 192.81 million in Q2’18. The data further revealed that   the value of NIBSS Electronic Funds Transfer (NEFT) rose by 51 percent to N8.28 trillion in Q3’18 from N5.47 trillion in Q2’18 while the volume of NEFT rose by 51 percent to 16.2 million in Q3’18 from 10.7 million in Q2’18.

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The data also revealed that the value of electronic bills payment (e-bills pay) increased by 42 percent to N370 billion in Q3’18 from N260 billion in Q2’18 while the volume of e-bills pay rose by 60 percent  to 800,000 in Q3’18 from 500,000 in Q2’18.

A breakdown of bank accounts opened in Q3’18 showed that the number of new savings accounts rose by 4 percent or 3.4 million to 87.3 million in Q3’18,   from 83.9 million savings accounts in Q2’18.

The number of current accounts grew by 3.0 percent or 800,000 to 25.2 million in Q3’18 from 24.4 million in Q2’18.

Further analysis also revealed that the number of active bank accounts rose by 4.0 percent to 75 million in Q3’18 from 72.3 million in Q2’18.

But the number of inactive bank accounts rose by 1.7 million or 4.0 percent to 40.8 million in Q3’18 from 39.1 million in Q2’18.


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