The value of electronic payment transactions fell by 13 percent, quarter-on-quarter, to N34 trillion in the first quarter of 2019 (Q1’19), reflecting the impact of the general elections on economic activities during the quarter.
Also reflecting lull in economic activities during the quarter, banks’ credit to the private sector recorded sluggish growth of 0.52 percent to N15.21 trillion in Q1’19. National Bureau of Statistics (NBS) disclosed these in its Selected Banking Sector Data report for Q1’19.
The report showed that the Nigerian Interbank Settlement System, NIBSS, Instant Payments (NIP) dominated the volume of transactions recorded in Q1’19 with a transaction volume of 232.8 million, valued at N24.17 trillion.
On quarterly basis, the value of NIP transactions rose by 3.0 percent during the quarter from N23.57 trillion in Q4’18.
Further analysis showed that the value of cheque transactions declined by 8.0 percent to N1.2 trillion from N1.3 trillion in Q4’18.
Similarly, value of Automated Teller Machine (ATM) dropped by 12 percent to N1.5 trillion from N1.7 trillion in Q4’18.
In the same vein the value of Point of Sale (PoS) transactions fell by 11 percent to N634 billion in Q1’19 from N714 billion in Q4’18 while that of Mobile Payment dropped by 83 percent to N101 billion in Q1’19 from N592 billion in Q4’18.
Following the same trend, the value of transactions made through Remita platform dropped by 99.6 percent to N19.3 billion from N5 trillion in Q4’18.
Value of Web transactions also declined by 51 percent to N108 billion from N221 billion in Q4’18.
Meanwhile, bank’s credit to private sector of the economy rose by 0.52 percent to N15.21 trillion during the quarter from N15.13 trillion in Q4’18.
According to NBS, “Oil & Gas and Manufacturing sectors got credit allocation of N3.49 trillion and N2.23 trillion to record the highest credit allocation as at the period under review.”