Breaking News
Translate

E-payment transactions rise 80% to N2trn

Kindly Share This Story:

By Elizabeth Adegbesan

MONEY MARKET

Cashless economy has recorded further boost as the value of electronic payment transactions rose year-on-year (YoY) by N9.7 trillion or 80 percent to N21.9 trillion in 2020 from N12.2 trillion in 2019.

Similarly, the volume of epayment transactions rose YoY by 178.2 million or 98 percent to 359.58 million in 2020 from 181.4 million in 2019.

READ ALSOMikano, Geely take bull by the horns in Nigeria auto market

Vanguard analysis of Nigeria Interbank Settlement System (NIBSS) electronic payment data shows that the highest volume of transaction of 264 million was recorded in NIBSS Instant Payment (NIP) channel in 2020.

Further analysis shows that the channel with the highest value of transactions of N20 trillion in the year under review was NIP while that with the lowest value of transaction amounting N272 million was Central Pay.

The data also shows that transactions done using NIP, Point of Sale (PoS), Mobile transfer and E-billspay channels had significant increases in volume and value during the period.

The volume of cheque transactions, however, rose by 29 percent to 652,412 in 2020 from 504,728 in 2019 while its  value fell by 10 percent to N325 billion in 2020 from N391.6 billion in 2019.

Kindly Share This Story:
All rights reserved. This material and any other digital content on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from VANGUARD NEWS.

Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.
Do NOT follow this link or you will be banned from the site!