Electronic Transfers Rise by 90% in 5 years

The volume of transactions that pass through electronic channels in the Nigerian banking industry has grown by 90.3 per cent from N27.23 trillion in 2012 to N51.8 trillion in 2016 according to latest data issued by the Central Bank of Nigeria yesterday.

In a whitepaper on e-payment statistics issued yesterday by the apex bank, the growth in the amount transacted had emanated from huge increases in transaction figures for Nigeria Inter Bank Settlement System Instant Payment (NIP), Point of Sale terminals (PoS), mobile money and web payments.

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Funds transferred through NIP had grown by 661 per cent between 2012 and 2016 as the value of transactions rose from N3.89 trillion in 2012 to N29.61 trillion by the end of 2016, while the volume of transactions rose to 111.15 million from 4.45 million five years ago.

POS transactions also rose both in volume and value rising to N570.232 billion that changed hands in 47.74 million transactions as at the end of 2016 compared to N48.46 billion that was done in 2.58 million transactions.

Mobile money and web transactions also rose to N589.343 billion and N101.09 billion at the end of 2016 compared to N31.50 billion and N31.56 billion that was transacted thought he channels respectively in 2012.

However the volume and value of money that changed hands through cheques and Nigeria Electronic Funds Transfer (NEFT) declined in the five year period. While NEFT transactions decline slightly, the decline in the use of cheques was significant.

Volume of transactions done through cheques dropped to 9.76 million in 2016 from 12.16 million in 2012 while the value declined to N4.76 trillion in 2016 from N7.48 trillion in 2012. Meanwhile, the CBN yesterday released an exposure draft of the Guidlines on Instant (inter-bank) Electronic Funds Trasnfer services in the country.

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