The Central Bank of Nigeria (CBN) has stated in its latest industry e-payment 2019 report that the total value of transactions through various electronic payment (e-payment) channels in the country upped by 13 per cent from N133.637 trillion in 2018 to N150 trillion in 2019.
It also stated that the volume of transactions stood at 2.952 billion in 2019, higher than a total of 2.073 billion recorded in 2018 with the total value of intra-bank e-payment transactions at N441.905 trillion in 2019 and total volume at N90.875 billion.
In addition, the report showed that the total value of transactions by cheques decreased from N5.035 trillion in 2018 to N4.482 trillion in 2019.
Similarly, the volume of transactions by cheques dropped from 9,019,278 recorded in 2018, to 7,275,237 in 2019.
The implication is that more Nigerians now prefer e-transactions to cheque-based.
Also, while the combined value of Automated Clearing House System/NAPS/PMS stood at N25.131 trillion, the volume of transactions under this payment channel was 47,311, 582.
The apex bank also reported that the total volume of transactions that took place across Automated Teller Machines (ATMs) in the country was 839, 819, 922, while the value of transactions in the period under review was N6.513 trillion.
Furthermore, the value of transactions via point of sale (PoS) channels in Nigeria in 2019 was N3.205 trillion from 438, 614, 182 transactions.
Also, while the volume of internet-based transactions through during the period in review was 103,497,007 with the value put at N478 billion, the volume of transactions through mobile money was 377,265,208 and valued at N5.080 trillion.
The value of transactions through Nigerian Instant Payment (NIP) was N105 trillion and the volume was 1,145,785,229.
Also, the data showed that electronic payment transactions through the mCash payment platform was N600 million in 2019 and volume recorded at 251,490; whereas transaction volume through E-bills Pay, an online payment platform, was 1,099,805 and value at N652 billion.
Similarly, transactions through the central pay platform stood at N5.476 billion with total volume put at 663,163.
