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Banking

Cash rules as Nigerian ATMs account for 58.9% transactions on e-payment channels

June 2, 20171.7K views1 comments

According to the research arm of First Bank of Nigeria, data gleaned from a new report series from the National Bureau of Statistics in collaboration with the CBN reveal that 304 million transactions valued at N22 trillion were recorded on electronic payment channels in Q1 2017, that ATM transactions dominated with a volume of 179 million.
The researchers say Internet subscriptions directly correlating with electronic transactions stood at 90 million in March 2017, according to the Nigerian Communications Commission, translating to 49% penetration.
Equally, based on data from the Nigeria Interbank Settlement Systems (NIBSS), total active bank accounts in the country amounted to 67 million in February.
“Although there was a 13.2% y/y increase, only 35% of the country’s population is currently exposed to electronic payment transactions. Financial inclusion is still far from its optimal level,” they noted.
The data also indicate that mobile payments stood at N461bn in Q1 2017, representing a year-on-year (y/y) growth of 93%. However, it accounted for just 4% of total electronic transactions under the review period.
“The unbanked population could be brought into the banking system quicker through mobile banking services, especially with greater collaboration between banks and telecommunication operators,” said FBN Quest
 
However, the volume of Point-of-Sale (PoS) transactions shows the impact of the cashless policy on the economy. The NBS data show that 27 million PoS transactions were recorded in Q1 2017; when compared with the corresponding period in 2016, this represented a 125% increase.
 
The Increased electronic transactions results in better transparency and efficiency gains in both the public and private sector. However, one downside is the threat that cybercrime poses. According to industry sources, N2bn was lost in 2016 to cybercrime.


By Business a.m. live staff 

Read Also:

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TagsATM CBN First Bank of Nigeria NBS Nigeria
PreviousWhich companies have the highest revenue per employee?
NextNigeria’s naira lost 99.7% value in 44 years

Comments 1

  1. awode emmanuel June 2, 2017 at 9:01 pm

    I do agree that cash rules by more research has to be carried out to ascertain the quatum of cash transactions in the informal sectors failure to achieve this your eulogy of electronjc channels might be a fleeting illusion

    Reply

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