The National Bureau of Statistics, NBS, has revealed that the banking sector transacted a total of about N33.8 trillion through electronic payment channels in 2015 and the second quarter of 2016.
According to the report on Electronic Payment Channels in the Nigeria Banking Sector (2015-Q2 2016), which was released on Sunday, August 21, the Nigeria Interbank Settlement Instant Payment System (NIP) recorded a total amount of N19.3 trillion and accounted for the highest settlement made by banks.
This was followed by Nigeria Electronic Fund Transfer (NEFT) with N7.67 trillion, while payment through cheques and Automated Teller Machines (ATMs) stood at N3.3 trillion and N2.59 trillion respectively.
Others are payments through Point of Sales Terminal (POS) — N367 million, Internet/web payments — N67 million, mobile payments — N381million and electronic bills payments — N171 million.
A month-by-month breakdown of the payments showed that the sums of N339.2 billion and N350.1 billion were paid through ATMs in January and February, while March, April, May, June and July had N380.6 billion, N381.6 billion, N382.3 billion, N370.5 billion and N394.3 billion respectively.
For cheque transactions, the report said the N3.3 trillion were paid as follows: January N465.5 billion, February N501.1 billion, March N487.5 billion, April N472.4 billion, May N480.4 billion, June N488.6 billion and July N436 billion.
