Electronic Payment Channel Transactions reach N150.773 Trillion

Payment through electronic payment channel in 2019 recorded significant improvement reaching over N150 trillion.

The total value of transactions increased by 13 per cent to a total of N150.773 trillion in 2019, compared with the N133. 637 trillion recorded in 2018 while the volume of transactions stood at 2.952 billion in 2019, higher than a total of 2.073 billion recorded in 2018.

The figures from the Central Bank of Nigeria (CBN) latest industry e-payment data for full year 2019, put the total value of intra-bank e-payment transactions at N441.905 trillion in 2019, while total volume stood at 90.875 billion.

However, while total value of transactions by cheques was N4.482 trillion in 2019, lower than the N5.035 trillion recorded the previous year, the volume of transactions by cheques also dropped from 9,019,278 recorded in 2018, to 7,275,237 in 2019.

Also, while the combined value of Automated Clearing House System/NAPS/PMS stood at N25.131 trillion, the volume of transactions under this payment channel was 47,311, 582.

The data also revealed that in 2019, the total volume of transactions that took place across Automated Teller Machines (ATMs) in the country was 839,819,922, while the value of transactions in the period under review was N6.513 trillion.
Furthermore, the value of transactions via point of sale (PoS) channels across the country throughout last year, was N3.205 trillion, whereas the volume of transactions recorded was 438,614,182.


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