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E-payment transactions up 24% to N48.54trn in 2019

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•ATM transactions fall by 4%

By Elizabeth Adegbesan

E-payment

The value of electronic payment (e-payment) transactions rose by 24 percent, year-on-year,    to N48.54 trillion in 2019 up from N39.15 trillion in 2018.

But    the value of Automated Teller Machine (ATM) transactions  fell by four percent  during the period.
National Bureau of Statistics (NBS) disclosed this yesterday in its Selected Banking Sector Data for fourth quarter of 2019 (Q4’19).

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Vanguard analysis of the data showed that the volume of e-payment transactions rose by 45 percent, year-on-year, (YoY) to 893.68 million transactions in 2019 from 616.53 million transactions in 2018.

Further analysis showed that  the value of ATM transactions fell by four percent, YoY,    to N1.65 trillion in 2019 from N1.72 trillion in 2018.

Nigerian Interbank Settlement System (NIBSS) Instant Payment (NIP) recorded the highest volume and value of transactions of      342.64 million transactions worth N29.69 trillion during the period.

Volume of Mobile payment transactions rose by 507 percent, YoY, in 2019 to 159.4  million from 26.25 million in 2018, while the    value rose by 185 percent, YoY,    to N1.69 trillion from N592.94 billion within the period.
In 2019, the volume of internet transactions rose by 66 percent, YoY, to 28.83 million from 17.4 million in 2018, while the value dropped by 40 percent to N133.67 billion from N221.53 billion in 2018.

Further analysis showed that the  volume of Point of Sale (PoS)  transactions rose by 45 percent, YoY, to 129.57  million in 2019 from 89.1 million in 2018, while the value rose  by 35 percent, YoY, to N964.26  billion from N714.35 billion in 2018.

However, the volume of cheque transactions fell  by 12 percent, YoY, to 1.94  million in 2019 from 2.2 million in 2018 while the value also dropped by 12 percent, YoY, to N1.11 trillion from N1.26 trillion within the period.

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