By Elizabeth Adegbesan
Latest report on financial transactions through various channels has indicated huge rise in adoption of cashless system despite rising incidences of fraud in electronic banking system.
Vanguard findings from the electronic payment data on Nigeria Interbank Settlement System (NIBSS) platform showed the value of transactions performed through electronic payment (e-payment) channels rose year-on-year, (YoY) by 48 per cent to N28.1 trillion in November 2021 from N18.84 trillion in the corresponding period of 2020.
Similarly, the volume of e-payment transactions grew YoY by 41.5 per cent to 436.56 billion in November 2021 from 308.36 billion in November 2020.
Also the volume of Point of Sale (PoS) transactions rose by 23 percent to 84.9 million in November 2021 from 68.53 million in November 2020.
Similarly, the value of PoS transactions rose by 16.5 per cent to N560.26 billion from N480.55 billion in November 2020.
Further details show that the volume of NIBSS Instant Payment (NIP) transactions rose by 42.6 percent to 319.9 million in November 2021 from 224.2 million in November 2020 and its value rose by 48.8 percent to N25.9 trillion from N17.4 trillion in November 2020.
The volume of mobile transactions also rose by 114.8 percent to 31.28 million in November 2021 from 14.56 million in November 2020 and its value rose by 161 percent to N957.4 billion from N366.26 billion in November 2020.
However, cheque transactions recorded a negative growth in volume as it fell by 21 per cent to 377,540 in November 2021 from 479,177 in November 2020 and its value declined by 6.5 per cent to N281.8 billion from N301.6 billion in November 2020.