•Operator blames economic down turn
By Elizabeth Adegbesan
THE value of electronic payment (e-payment) transactions fell month-on-month (MoM) by N2.85 trillion or 8.2 per cent to N31.8 trillion in April 2022, from N34.65 trillion in March 2022.
Similarly, the volume of e-payment transactions declined MoM by 18.7 million or 3.4 per cent to 529.7 million in April 2022, from 548.4 billion in March 2022.
Vanguard analysis of electronic payment data on Nigeria Interbank Settlement System (NIBSS) platform showed that MoM the volume and value of e-payment transactions had an upward trend from January to March 2022 but reversed in April.
However, year-on-year (YoY) the value of e-payment transactions rose by 42.9 per cent from N22.24 trillion in April 2021 while the volume rose by 46.5 per cent from 361.5 million in April 2021.
Further analysis showed that the volume of Point of Sale (PoS) transactions fell MoM by 7.7 per cent to 94.9 million in April 2022 from 102.9 million in March 2022.
Similarly, the value of PoS transactions fell by 19.8 per cent to N663.3 billion in April 2022 from N718.6 billion in March 2022.
The volume of NIBSS Instant Payment (NIP) transactions fell by 2.4 percent to 392.5 million in April 2022 from 402.5 million in March 2022 while the value fell by 8.17 percent to N31.8 trillion from N29.2 trillion in March 2022.
Similarly, the volume of Mobile transactions fell by 1.4 percent to 41.9 million in April 2022 from 42.5 million in March 2022 while the value decreased by 2.1 percent to N1.34 trillion from N1.37 trillion in March 2022.
The volume of cheque transactions fell by 15 percent to 320,145 in April 2022 from 378,874 in March 2022 while the value declined by 12 percent to N257.13 billion from N293.4 billion in March 2022 .
Following the same trend, the volume of E-bills transactions fell by 22 percent to 73,227 in April 2022 from 94, 323 in March 2022 while the value declined by 8.8 percent to N237.9 billion from N260.87 billion in March 2022.
Similarly, the volume of CentralPay transactions fell by 15.7 percent to 8,564 in April 2022 from 10,161 in March 2022 while its value declined by 50 percent to N114.15 million from N228.7 million in March 2022 .
Commenting on the development, National President, Association of Mobile Money and Bank agents, Mr Olojo Victor attributed the decline in the MoM e-payment transactions to the decline in the economic power of Nigerians.
He said: “If there were a decline in PoS transactions, I would have said it is due to lack of agents but we have over a million Mobile Money agents across the country and more terminals being deployed. Then it becomes obvious that the decline across all e-payment channels is due to the state of the economy. This has limited the power of Nigerians to carry out banking activities through these channels. The exchange rate and ease of doing business are also affecting transactions. It is when you have money and businesses are thriving that money moves across the economy.”