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Nigeria’s E-payment Transactions Hit N56.85 Trillion - Business - Nairaland

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Nigeria’s E-payment Transactions Hit N56.85 Trillion by Onyemadonald(m): 8:39am On Jan 07, 2019
Reports gathered from the Nigerian Interbank Settlement System (NIBSS), have revealed that Nigeria’s electronic payment (e-payment) services, recorded transactions worth N56.85 trillion from January to September, 2018.

The report which was obtained by the News Agency of Nigeria (NAN) on Sunday, showed an increase of N16.4 trillion compared to the N40.45 trillion that was recorded in the same period of 2017.

The report also disclosed that most of the electronic transactions were carried out through the NIBSS Instant Payment (NIP), Automated Transfer Machines (ATMs), Point of Sales, Mobile Money, Electronic Bills Payment (E-Bills) and Web payments.

A breakdown of the report showed that ATMs transactions grew from N4.61 trillion in 2017 to N4.76 trillion at the end of the third quarter of 2018. Also, the number of transactions via ATMs under the period in review grew from N560.86 million to N650.06 million in year 2017 and 2018 respectively.

The report revealed an increase of about N635 billion in the use of POS machines to carry out payments by Nigerians. Under the period of review, 98.73 million transactions worth N975 billion were done using POS in 2017, while in 2018, the number grew to 196.83 million, valued at N1.61 trillion.

Similarly, the volume of transactions carried out by Nigerians, via mobile money increased from N795.18 billion in 2017, to N1.22 trillion as at Sept, 2018. Also, using the web payment means, the total value of transactions under the period in review increased from N129.24 billion in 2017, to N183.07 billion in 2018.

Futhermore, the value of transactions on e-bill payments, which made it possible for customers to pay utility bills such as power, cable and so on online, declined from N420.73 billion in 2017 to N370 billion in 2018.

Meanwhile, a Business and Financial analyst, Dr Patricia Auta, stated that the NIBSS report showed an increase in awareness and use of technology by businesses and individuals across Nigeria.

Dr Auta urged the Central Bank of Nigeria (CBN), to increase efforts on cashless economy policies, especially in states, to grow the electronic payment space. She also advised commercial banks to stay competitive and drive growth by providing innovative alternate payment channels to their customers.

SOURCE: https://www.trendingaccounting.com/2019/01/nigerias-e-payment-transactions-hit.html

Re: Nigeria’s E-payment Transactions Hit N56.85 Trillion by NotBeenPaid: 8:43am On Jan 07, 2019

1 Like

Re: Nigeria’s E-payment Transactions Hit N56.85 Trillion by Likins(m): 8:43am On Jan 07, 2019
Hmmm
Re: Nigeria’s E-payment Transactions Hit N56.85 Trillion by Olamsoh: 8:43am On Jan 07, 2019
When you go to the bank,
USE YOUR OWN PEN!!!!!

Sharing pens only leads to more communicable infections like respiratory tract infections or even conjunctivitis (apollo) especially if you do not sanitize or wash your hands after.

USE YOUR OWN PEN

You see that ATM there?
How many times have you washed your hands after using it?
Thousands of people use that ATM and you pick your nose or rub your eyes immediately after.

Carry a sanitize around always
Take charge of your own health

5 Likes

Re: Nigeria’s E-payment Transactions Hit N56.85 Trillion by nony43(m): 8:44am On Jan 07, 2019
N
Re: Nigeria’s E-payment Transactions Hit N56.85 Trillion by fmcjunior(m): 8:44am On Jan 07, 2019
E- money

1 Like

Re: Nigeria’s E-payment Transactions Hit N56.85 Trillion by Dadaboy: 8:44am On Jan 07, 2019
Damnnn.. and they say there’s no money in this country

1 Like

Re: Nigeria’s E-payment Transactions Hit N56.85 Trillion by Bintuenyo: 8:44am On Jan 07, 2019
Bobrisky bestie
Re: Nigeria’s E-payment Transactions Hit N56.85 Trillion by MANNABBQGRILLS: 8:45am On Jan 07, 2019
That's massive!

2 Likes 2 Shares

Re: Nigeria’s E-payment Transactions Hit N56.85 Trillion by israelmao(m): 8:45am On Jan 07, 2019
Big thanks to Obj and GEJ who made use of technocrats!

7 Likes 1 Share

Re: Nigeria’s E-payment Transactions Hit N56.85 Trillion by SoftP(m): 8:46am On Jan 07, 2019
And they refused to add the debited un-refunded amount...
Re: Nigeria’s E-payment Transactions Hit N56.85 Trillion by EmekaBlue(m): 8:46am On Jan 07, 2019
Why wont it hit such huge amount when nigerian girls keep asking/begging guys to transfer money to them all the time. Some will even list out all d bank code for transferring if u try to claim u dont know how to transfer.

1 Like 1 Share

Re: Nigeria’s E-payment Transactions Hit N56.85 Trillion by Samuelking4280(m): 8:47am On Jan 07, 2019
Not bad
Re: Nigeria’s E-payment Transactions Hit N56.85 Trillion by crownwealth: 8:47am On Jan 07, 2019
Unfortunately, no single improvement from the current administration.

2 Likes

Re: Nigeria’s E-payment Transactions Hit N56.85 Trillion by Emmerlee(m): 8:47am On Jan 07, 2019
MANNABBQGRILLS:
That's massive!

I hardly comment on this forum but bro, having observed the superficial nature of most of your comments on non-political topics, I really think there's an "ulterior" motive behind your presence on this forum at this time.

Only the discerning will understand.

5 Likes

Re: Nigeria’s E-payment Transactions Hit N56.85 Trillion by ehinmowo: 8:48am On Jan 07, 2019
Great! However, a country cannot develop without developing indigenous technologies. We can't rely on China to build our roads, Toyota to build our cars, LG to build our home appliances Gucci to make our wears and expect such d development to be sustainable.
Re: Nigeria’s E-payment Transactions Hit N56.85 Trillion by iammo(m): 8:48am On Jan 07, 2019
Atleast usage of dirty nigerian currency would slightly reduce, with electronic transaction, if only kenya's mobile money system could be deployed, and bike men and market women can come on board
Re: Nigeria’s E-payment Transactions Hit N56.85 Trillion by aleeyus(m): 8:48am On Jan 07, 2019
Hypocrate shouting no mony
Re: Nigeria’s E-payment Transactions Hit N56.85 Trillion by shachris02: 8:48am On Jan 07, 2019
MANNABBQGRILLS:
That's massive!

before your zombic chant, this has absolutely nothing to do with Buhari.
Re: Nigeria’s E-payment Transactions Hit N56.85 Trillion by Flexherbal(m): 8:49am On Jan 07, 2019
Alright!
Re: Nigeria’s E-payment Transactions Hit N56.85 Trillion by chinavs9ja(m): 8:49am On Jan 07, 2019
Nice one!



I am a web designer and a developer. Check my signature if you need my service
Re: Nigeria’s E-payment Transactions Hit N56.85 Trillion by Jahwinaboy(m): 8:49am On Jan 07, 2019
“But two months in Abuja, Magnus came to meet me and said, ‘I agree with you; this country is hopeless and helpless. All they do in Abuja is to share money.
Re: Nigeria’s E-payment Transactions Hit N56.85 Trillion by helinues: 8:50am On Jan 07, 2019
That's huge.

Wondering how much proxy E-payments would amount to
Re: Nigeria’s E-payment Transactions Hit N56.85 Trillion by Ayt27(m): 8:53am On Jan 07, 2019
POS transactions almost doubled in 1 year,
No way to possibly determine amount of cash spent because in my mind’s eye cash is king.

Re: Nigeria’s E-payment Transactions Hit N56.85 Trillion by kumakunta: 8:58am On Jan 07, 2019
shachris02:


before your zombic chant, this has absolutely nothing to do with Buhari.
But the economic and security situation has something to do with him .

1 Like

Re: Nigeria’s E-payment Transactions Hit N56.85 Trillion by NLbully(m): 9:14am On Jan 07, 2019
Half of which belongs to Betting site transactions grin
Re: Nigeria’s E-payment Transactions Hit N56.85 Trillion by Diso60090(m): 9:22am On Jan 07, 2019
Onyemadonald:
Reports gathered from the Nigerian Interbank Settlement System (NIBSS), have revealed that Nigeria’s electronic payment (e-payment) services, recorded transactions worth N56.85 trillion from January to September, 2018.

The report which was obtained by the News Agency of Nigeria (NAN) on Sunday, showed an increase of N16.4 trillion compared to the N40.45 trillion that was recorded in the same period of 2017.

The report also disclosed that most of the electronic transactions were carried out through the NIBSS Instant Payment (NIP), Automated Transfer Machines (ATMs), Point of Sales, Mobile Money, Electronic Bills Payment (E-Bills) and Web payments.

A breakdown of the report showed that ATMs transactions grew from N4.61 trillion in 2017 to N4.76 trillion at the end of the third quarter of 2018. Also, the number of transactions via ATMs under the period in review grew from N560.86 million to N650.06 million in year 2017 and 2018 respectively.

The report revealed an increase of about N635 billion in the use of POS machines to carry out payments by Nigerians. Under the period of review, 98.73 million transactions worth N975 billion were done using POS in 2017, while in 2018, the number grew to 196.83 million, valued at N1.61 trillion.

Similarly, the volume of transactions carried out by Nigerians, via mobile money increased from N795.18 billion in 2017, to N1.22 trillion as at Sept, 2018. Also, using the web payment means, the total value of transactions under the period in review increased from N129.24 billion in 2017, to N183.07 billion in 2018.

Futhermore, the value of transactions on e-bill payments, which made it possible for customers to pay utility bills such as power, cable and so on online, declined from N420.73 billion in 2017 to N370 billion in 2018.

Meanwhile, a Business and Financial analyst, Dr Patricia Auta, stated that the NIBSS report showed an increase in awareness and use of technology by businesses and individuals across Nigeria.

Dr Auta urged the Central Bank of Nigeria (CBN), to increase efforts on cashless economy policies, especially in states, to grow the electronic payment space. She also advised commercial banks to stay competitive and drive growth by providing innovative alternate payment channels to their customers.

SOURCE: https://www.trendingaccounting.com/2019/01/nigerias-e-payment-transactions-hit.html


Emoney?
Re: Nigeria’s E-payment Transactions Hit N56.85 Trillion by jesmond3945: 9:48am On Jan 07, 2019
Wow see food for cyber criminals.
Re: Nigeria’s E-payment Transactions Hit N56.85 Trillion by Thojan(m): 10:35am On Jan 07, 2019
I think he's just striving hard to be controversial/popular. Maybe to promote his business.
Emmerlee:


I hardly comment on this forum but bro, having observed the superficial nature of most of your comments on non-political topics, I really think there's an "ulterior" motive behind your presence on this forum at this time.

Only the discerning will understand.
Re: Nigeria’s E-payment Transactions Hit N56.85 Trillion by Soul47(m): 11:22am On Jan 07, 2019
Hmmmmm... That ATM Card number starting with 4149... Okay.
Re: Nigeria’s E-payment Transactions Hit N56.85 Trillion by lastempero: 2:30pm On Jan 07, 2019
Emmerlee:


I hardly comment on this forum but bro, having observed the superficial nature of most of your comments on non-political topics, I really think there's an "ulterior" motive behind your presence on this forum at this time.

Only the discerning will understand.

Na buhari cow be that bro.

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