By Elizabeth Adegbesan
The value of cheque transactions fell year-on-year (YoY) by 38 percent to N251 billion in July 2020 against N402.8 billion recorded in the corresponding period of last year.
Similarly, the volume of transactions done using cheque dropped YoY by 49 percent to 697,915 against 353,769 last year.
Vanguard analysis of the latest electronic payment channel data from the Nigeria Interbank Settlement System (NIBSS), however, shows that the volume and value of NIBSS’ Instant Payment (NIP), Mobile Inter scheme, Point of Sale (PoS) transactions all rose during the period.
In July 2020, the volume of NIP transactions grew YoY by 93 percent to 185 million from 96 million in July 2019 while its value rose by 56 percent to N14 trillion from N9trillion in July 2019.
The volume of Mobile transfers also increased by 321 percent to 12.2 million in July 2020 from 2.9 million in 2019 while its value ticked up by sharply percent to N275 billion from N60.13 billion in the corresponding period of 2019.
YoY, the volume of PoS transactions rose by 38 percent to 53.9 million in July 2020 from 39.2 million in July last year while the value increased by 49 percent to N416.73 billion from N279.5 billion in July last year.
However, Central Pay and Automated Direct Debit (ADD) electronic channels recorded decline in the volume and value of transactions during the period.
The breakdown show that YoY the volume of transactions done through ADD dropped by 61 percent to 1,445 from 3,709 in July 2019 while the value of transactions fell by 91 percent to N3.38 million from N37.7 million in the corresponding period of 2019. The volume of transactions performed through Central Pay rose by 41 percent to 51,272 in July 2020 from 35,335 in July last year and its value declined by 33 percent to N297.1 million from N440.9 million in July 2019.