The value of electronic payments in Nigeria has rose by over 3.1 trillion naira in the first quarter of 2018 in comparison to the fourth quarter of 2017, Nigeria bureau of statistics, NBS reveals
The increase amounts to 10% as it is N32.5 trillion in the first quarter of 2018 (Q1’18) and N29.4 trillion in fourth quarter 2017(Q4’17).
Data released by the National Bureau of Statistics (NBS) last weekend, Automated Teller Machine (ATM) transactions dominated the volume of electronic transactions which stood with at 212.4 million in Q1’18, representing a decline of 11.4 percent compared to 239.7 million in Q4’17 .
Altogether, Nigerians made N1.6 trillion worth transactions via (ATM) in Q1’18, showing a 13 percent decline when compared with N1.83 trillion recorded in the Q4’17.
Further analysis showed that volume and value of Point of Sale (PoS) transactions stood at 54 million and N474.7 billion in Q4’18 compared to 48 million and N435 billion in Q4’17.
Moreover, NIBSS Instant Payment (NIP) increased in volume and value by 12 percent to 139.8 million and N17.8 billion against 122.9 million and N15.7 billion recorded in Q4’2017 while NIBSS Electronic Fund Transfer (NEFT) recorded a decline in volume by 22.2 percent- N3.7 billion in Q1’18. from N4.1billion in Q4’17.
However, value of Transactions through Remita has declined in volume by 4.3 percent to 11 million in Q4’18 compared to 11.9 million recorded in Q4’17 while the value increased by 46.1 percent to N5.3 billion from N3.6 billion in Q4’17 E-billspay volume of transactions increased by 22.3 percent to 245,473 in Q1’18 from 190,876 in Q4’17 while value of the transactions fell by 3.0 percent to N126 billion from N130 billion recorded.