Business

E-payment channel hits N51.8trn in 2016 – CBN

emefiele-CBN

The Central Bank of Nigeria (CBN) has revealed that a total volume of 711,891,989 transactions valued at N51.8 trillion were recorded in 2016 on Electronic Payment Channels in the country.

The CBN report on Electronic (e-payment) channels in Nigeria from 2012- 2016 disclosed that NIBSS Instant Payment (NIP) transactions dominated the Value of e-payment Channels at N29.6 trillion while ATMs transactions at 470,894,452 dominated volume of transactions in 2016.

Other means of transactions considered in 2016 include N4.77 trillion value of  e-channel transaction on Cheques, N12.2 trillion value of transactions on National Electronics Funds Transfer (NEFT), N3.9 trillion on ATM and N570 billion on Point of Sales.

Furthermore, Value of e-payment Channels via web hits N101 billion and Mobile Money N589 billion.

ATM breakdown from 2012-2016 by CBN disclosed that e-payment channels through Automated Teller Machine (ATM) has crossed threshold of N16 trillion in five years to N16.39 trillion.

Apex banking regulatory body in its e-payment channels in Nigeria from 2012- 2016 disclosed that a total volume of 1.98 billion transactions were recorded in the period under review.

For 2012, a value of N1.98 trillion transactions were traded with a volume of 375,513,154 while in 2013, the value appreciated by 43 per cent to N2.8 trillion as volume of transactions recorded 295,416,724.

According to CBN report, ATM transactions in 2014 hits N3.68 trillion, 30 per cent above N2.8 trillion recorded in 2013.

The volume of ATM transactions in 2014 recorded 400,269,140, 25 per cent above volumes of transaction record in prior year.

In 2015, value of ATM transactions recorded N3.98 trillion with a volume of 433,695,748 while in 2016 value of transaction on ATM e-channel was N3.9 trillion, 1.3 per cent below NN3.98 recorded in 2015. The report by CBN said 470,894,452 volume of transactions were traded in 2016.

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