The value of electronic payment transactions through the point of sale (PoS) terminals, Nigeria Interbank Settlement System Instant Payment (NIP) and Electronic Fund Transfer (NEFT) increased significantly by 82 per cent to N11.676 trillion in May 2020, compared with the N6.421 trillion recorded in April 2020.
The Chief Executive Officer, Financial Derivatives Company Limited, Mr. Bismarck Rewane, attributed this to the impact of COVID-19 in a report he presented at the Lagos Business School’s executive breakfast session for July at the weekend.
He stated that the figures were obtained from Nigeria Interbank Settlement System (NIBSS).
The spike in e-banking activities in the month was necessitated by the lockdown in the country then, as part of efforts by both the federal and some state governments to contain the spread of COVID-19.
According to the report, the value of PoS transactions in May was N358 billion, which was a 31.63 per cent increase from the N245 billion recorded in April; while NIP transactions increased by N10.405 trillion, up by 48.44 per cent when compared with the previous month.
Similarly, NEFT transactions stood at N912.29 billion in May, which was an 11 per cent increase, compared with the N811.76 billion recorded in April.
“Cheque transactions surged post-lockdown. The volume and value of transactions increased in May compared to April, except NEFT volume. The velocity of money in circulation was five times. Online payments and transactions will continue to rise in the near term as more customers and banks acquaint with the new normal for bank operations,” Rewane stated in the report.
Source: THISDAY
