Nduka Chiejina (Assistant Editor)
Figures just released from the Central Bank of Nigeria (CBN) has shown that over ₦441 trillion e-payment transactions were executed in 2019.
According to a table of e-payments released by the CBN, titled, “industry e payment figures for January to December 2019”, over 90 billion transactions were carried out within the year with a value of ₦441,905,957,714,981.
This is made up of 7,275,237 cheque transactions valued at ₦4,481,668,348,494; ACH/NAPS/PMS within banks, with a transaction volume of 47,311,582 with a value of ₦25,131,998,130,797.
Other electronic transactions with their values include: ATM, 839,819,922 transactions valued at ₦6,512,612,259,811; POS, with a volume of 438,614,182 and valued at ₦3,204,749,863,644. Internet (web) transaction volume totalled 103,497,007 valued at ₦478,140,101,693; and mobile money transactions of 377,265,208 with a value of ₦5,080,961,536,595.
The largest transaction by volume and value in 2019 was NIP (transactions between banks) with a volume of 1,145,785,229 and value of ₦105,222,562,871,372. The smallest was the m-cash transactions totalling 251,490 with a value of ₦600,921,460.
EBillsPay that is transactions for settling bills like DSTV subscription, and other bills witnessed a transaction volume of 1,099,805 valued at ₦652,586,389,583. Central pay with a total of 663,163 transactions valued at ₦5,476,055,244.