Connect with us

Featured

E-payment: Banks process N356.47trn in Q4 2020 alone

Published

on

E-payment: Banks process N356.47trn in Q4 2020 alone

E-payment: Banks process N356.47trn in Q4 2020 alone


 

 

A total volume of 3,464,811,083 transactions valued at N356.47 trillion was recorded in Q4 2020 as data of transactions through Electronic Payment Channels (e-payment) in the Nigeria banking sector.

This is according to the latest data released by the National Bureau of Statistics (NBS) titled “Selected Banking Sector Data: Sectorial Breakdown of Credit, ePayment Channels and Staff Strength” obtained by Business Metrics.

According to the statistics, online transfers dominated the volume of transactions recorded. It stood at 2,227,449,949 transaction volume valued at N120.27 trillion representing 64.29 per cent and 33.74 per cent respectively in Q4 2020.

Similarly, online transfer recorded growth in its quarterly adoption as reported transaction volume and value stood 39.67 per cent and 19.24 per cent higher than what obtained in the third quarter of 2020.

Totally deals via cheques stood at 5,546,413 transactions worth N4.219 trillion, growing by 10.72 per cent and 10.28 per cent in that order.

Electronic transactions executed through Automated Teller Machines (ATMs) in the country fell during the quarter under review relative to the previous third quarter of year 2020. Transaction volume slipped by 14.11 per cent to 455,256,043 deals valued at N4.545 trillion.

As analysed by Business Metrics, the data further revealed that point of sales (PoS) owners enjoyed boom days during the period as visibly seen on the streets of Nigeria in recent times where more money agents have set up the business alongside increased adoption of PoS by many enterprises in the country.

Specifically, within the Q4 period alone, bank users carried out transactions in 214,849,612 times on PoS which was valued at N1.516 trillion. The figure is equivalent to 32.12 per cent and 25.49 per cent increases Compared with the preceding quarter.

National Electronic Fund Transfer (NEFT), a nation-wide payments system that allows the transfer of funds from one bank account to another, received more pervasive usage in October, November and December of 2020.

The data showed that with 18.41 increase quarter-on-quarter, transaction volume through the channel stood t 47,257,928 valued at N96.09 trillion, 25.48 per cent higher than the previous quarter’s value.

Another e-payment channel profiled in the NBS report is the Real-Time Gross Settlement (RTGS), a fund transfer system that allows for the instantaneous transfer of money and securities.

According to the NBS, the channel was deserted during the period, bring its volume and value down by 18.08 per cent and 2.67 per cent to 1,473,983 transactions valued at N112.956 billion respectively.

In the face of social distancing tagged as a new order to prevent further spread of coronavirus pandemic in the year, use of Unstructured Supplementary Service Data (USSD) received more usage in the period. Nigerians performed 145,581,469 transactions worth N1.632 trillion during the period, setting it 9.00 per cent and 22.64 per cent above transaction volume and value recorded in the preceding quarter.

Transfers via mobile App electronic channel advanced by 10.80 and 10.86 per cent quarter-on-quarter in volume and value which climbed to 124,163,183 and N9.919 trillion in that order.

Direct Debit order, which is an arrangement made with a bank that alllows a third party to transfer from a person’s account on agreed dates, typically in order to pays bills rose in volume by 9.11 per cent and declined in transaction value by 21.12 per cent. A total of 927,103 transactions worth N500 billion were carried out during the period.

Lastly, Mobile Money Operators (MMOs) posted transaction volume of 242,302,401 up by 20.58 per cent, albeit with a total worth of the deals standing at N4.821 trillion, down by 12.14 per cent.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement
You have not selected any currencies to display
mebookshelfandi