The total value of electronic payment (e-payment) transactions carried out by Nigerians in 2017 using various electronic channels increased by 32.5 percent to N83.1 trillion, from N62.7 trillion recorded in 2016.
Data released by Nigeria Inter-Bank Settlement System Instant Payment (NIBSS) citing Central Bank of Nigeria (CBN), showed that the volume of transactions across the e-payment channels from January to December also rose by 48.9 percent to 1.4 billion, over 949.9 million recorded in 2016.
The various channels through which these payments were directed included cheques, Nigeria Electronic Funds Transfer (NEFT), automatic teller machine (ATM), Point of Sale (PoS), internet (web), NIBSS Instant Payment (NIP) and mobile payments.
Analysis of the statistics showed that Automated Teller Machines (ATMs) remained the most preferred choice for e-payments, as the volume of transaction increased by 31.9 percent to 800.5million from 607 million with a value worth N6.44trn compare to N4.9trn in 2016.
In terms of nominal value of electronic transactions, Nigeria Inter-Bank Settlement System Instant Payment (NIP) remained the channel through which transactions with the highest value in Naira were made in 2017. The value of NIP transactions increased by 49.6 per cent to N56.2 trillion in 2017 from N38 trillion in 2016, which resulted in NIP accounting for 67 percent of the total value of electronic transactions in 2017.
Other channels also experienced growth rates in the number of transactions between 2016 and 2017.
N1.41tn worth of transactions were completed using PoS in 2017, 85 percent higher than N759 Billion recorded in 2016 with a volume 1.46 million from 63 million recorded in 2016, contributing 1.70 percent to the total transaction value.
Web payment and mobile payment showed similar increased as the values of their transaction grew by 105 percent and 29.54 percent to 184 billion from N132.36 billion in 2016 and from N756 billion to N979 billion respectively.
NEFT and cheque transactions recorded a negative growth of 5.2 and7.2 percent respectively, in the number of transactions in 2017, however, NEFT transaction value increased to 12 trillion in 2017, from 11.95 trillion in 2016 which represents 14.39 shares of the total value of electronic transactions in 2017,
