Nigerians trending electronic as instant payment platform records 67.5% of total value transacted in Q2

Data from Nigeria National Bureau of Statistics (NBS) has indicated that the Nigeria Interbank Settlement Scheme (NIBSS) instant payment option (NIP) leads other platforms in transaction value, recording N13.36 trillion or 67.5 percent of the N19.78 trillion transacted in the second quarter of 2017.

The data on electronic payment channels in the Nigeria banking sector released weekend showed a total volume of 327.37 million transactions valued at N19.78 trillion were recorded in Q2 2017, with ATM as a channel accounting for 187.81 million or 57.34 percent.

According to the data, although Nigerians prefer the automated teller machine (ATM) or cash than any other channel of transaction, the value of its over 187.81 million transactions accounted for a meager N1.54 trillion, coming behind NIP (N13.36trn) and NEFT (N2.92trn)

In terms of volume, NIP came second with 80.52 million transactions followed by mobile (11.56m)

Volume of POS transaction increased to 32.77 million with a total value of N324 billion from 26.65 million worth N286 billion.

Web payment was increases in volume but value falling from N47 billion to N37 billion

Volume of cheque transactions in the period under review decreased to 2.647 million to 2.65 million in Q1. Equally value of transaction decreased to N1.3 trillion from N1.479 billion.