Fakoyejo OlalekanThe adoption of electronic transactions has continued to grow among Nigerians, as the Nigeria Inter-Bank Settlement Systems (NIBSS) reported a significant rise in the digital channel.
According to the Nigeria Inter-Bank Settlement Systems, transactions via electronic channel rose by 40% within the first seven months, which falls between January to July.
NIBSS provides the infrastructure for automated processing, settlement of payments and fund transfer instructions between Banks, Discount Houses and Card Companies in Nigeria.
The system, owned by all licensed banks including the Central Bank of Nigeria (CBN), said that about N204.5 trillion worth of transactions occurred via electronic channel in the first half and first month of Q3 of this year.
Data from the Nigeria Inter-Bank Settlement Systems shows the figure surpassed the N145.8 trillion recorded during the corresponding period of first half and third quarter of last year.
The transactions had been conducted through the following electronic channels; internet banking, bank branch, Kiosks, mobile apps, Unstructured Supplementary Service Data (USSD), Point of Sales (POS) as well as Auto Teller Machine (ATM).
During the period in review, NIBSS reported that January recorded N26.6 trillion worth of transactions, while N27.2 trillion was posted for the month of February.
Transactions worth N31.8 trillion were performed in March, but the value fell in the next month, as Nigerians transacted N29.2 trillion in April.
In May, the value rose slightly to N29.6 trillion, June recorded N31.7 trillion, and July reported N29.3 trillion transactions.
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