Nigerian Banks Recorded N65.16tr E-Payment Transactions in 2016- NBS Report

Data by the National Bureau of Statistics (NBS) on Friday showed that there were 910,186,115 transactions worth N65.16 trillion recorded last year on electronic payment channels in the Nigeria Banking Sector. There were no figures for the corresponding period of 2015
According to the report titled: “Selected Banking Sector Data (Q4 2016), in conjunction with the Central Bank of Nigeria (CBN) and online news portal- Proshare, the dominant transaction platform remained Automated Teller Machines (ATMs) which accounted for 590,238,934 volume, valued at N4.98 trillion, with the highest being 175,891,028 transactions in the last quarter, valued at N1.536 trillion. It was followed by the third quarter’s 153,167,033 transactions worth N1.246 trillion in the preceding quarter.
On a month-on-month basis, there were 61,958,258 transactions on ATMs worth N572.94 billion in December as a result of the huge spending associated with the festive period; followed by November’s N494.16 billion recorded in 57,386,224; while October recorded 56,546,546 transactions valued at N469.75 billion.
Meanwhile, Inter-bank transfers accounted for 153,616,450 transactions worth N38.109 trillion, with the last quarter of 2016 pooling 58,469,138 deals valued at N12.152 trillion; followed by the 38,828,971 transactions worth N9.591 trillion. December remained the busiest also for this platform, with its 22,740,509 deals valued at N4.345 trillion.
On the Nigerian Electronic Fund Transfer (NEFT) platform, 29,754,182 occurred during the year 2016 valued at N14.584 trillion, led this time by the 9,527,329 transactions worth N5.46 trillion in the third quarter; which was far above the 7,217,070 worth N3.325 trillion recorded in the fourth quarter. The month of August recorded 3,821,114 transactions worth N2.472 trillion.
A total of 11,710,847 transactions valued at N5.829 trillion were via cheques, led by the 3,008,641 transactions worth N1.414 trillion in the third quarter and 2,979,401 transactions valued at N1.519 trillion in the fourth quarter.
Point of Sales (PoS) remained another very busy channel, accounting for 63,715,203 transactions worth N758.99 billion, led once more by the fourth quarter with a volume of 22,349,483 valued at N260.58 billion; followed by the third quarter’s 16,028,115 worth N189.95 billion. On a monthly basis also, December recorded the highest volume of 8,994,764 valued at N107.62 billion; followed by the preceding month’s 6,976,520 million worth N81.15 billion.
Activities on mobile payment platforms were equally heavy with 47,053,252 transactions worth N756.89 billion. The first quarter took the lead with its 14,092,005 transactions worth N135.24 billion, helped by the 5,159,701 transactions worth N49.46 billion in March; while a total of 13,452,141 transactions occurred between October and December 2016, worth N230.31 billion; ahead of the 10,865,588 in the third quarter worth N223.06 billion.
In 2016 also, a total of 14,088,247 transactions were consummated for N132.35 billion on internet platforms, led by 5,175,099 worth N43.63 billion in the fourth quarter; which was followed by the 3,526,717 transactions worth N30.76 billion in the third quarter. In value terms however, the first quarter was next with 2,728,425 transactions worth N31.69 billion.
On a quarterly basis, transactions across the various platforms show that in the fourth quarter recorded 285,533,360 transactions valued at N19.069 trillion; boosted by the 175,891,028 across ATMs worth N1.536 trillion; followed by the 58,469,138 transactions on Nigerian Inter Bank Settlement System (NIBSS) Instant Payment (NIP) valued at N12.152 trillion.
The third quarter pooled 234,952,394 worth N18.156 trillion, led also by the 153,167,033 ATM transactions worth N1.246 trillion; trailed by 38,828,971 NIPs transactions worth N9.591 trillion.
The 136,390,687 transactions on ATM platforms valued at N1.134 trillion made it the highest of the second quarter’s 202,877,943 worth N14.704 trillion in 202,877,943 transactions; ahead of the 13,592,049 transactions done across PoS terminals worth N163.71 billion; while NIP transactions summed up to 31,576,561 worth N8.728 trillion.
There were 186,822,418 transactions worth N13.229 trillion occurred in the first quarter, led by ATMs with a volume of 124,790,186 valued at N1.069 trillion. The NIP channel was the heaviest in value terms, accounting for 24,741,780 worth N7.637 trillion.

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