1. Home
  2. Tech News
  3. Cashless Nigeria | e-payment transaction hit N29trn in 2017

Cashless Nigeria | e-payment transaction hit N29trn in 2017

Cashless Nigeria | e-payment transaction hit N29trn in 2017

A total volume of 461,980,541 transactions valued at N29.44 trillion were recorded in Q4 2017 in electronic payment channels across Nigeria.

Statistics obtained by Technology Times from Nigeria Bureau of Statistics (NBS) have revealed this rising tide of cashless money adoption by Nigerians.

The upsurge is one of the key highlights from the NBS report of electronic payment channels in the Nigerian banking sector released by the national agency responsible for development and management of official statistics in the country.

At the end of December 2017  Automated Teller Machine (ATM) transactions dominated the volume of transactions recorded 239,692,229 volume of ATM transactions valued at N1,833 billion.

The NBS report also indicates rising adoption of the cashless banking system introduced by the Central Bank of Nigeria (CBN) in 2012  in line with Nigeria’s vision 2020 goal of being among the Top 20 economies by the year 2020.

CBN had in 2012  set daily cumulative withdrawal and deposit limits of N500,000 for individuals and N3,000,000 for corporate bodies.

Also the report shows that the total number of banks’ staffs increased by 9.19% from 82,840 in Q3 2017 to 90,453 at the end of Q4 2017.

In another separate NBS report, about ₦33.8 trillion was recorded as total transactions on all channels through the Nigerian banking system in the first half of 2016 with cheques accounting for ₦3.3 trillion or about 10% of the total transaction volume.

The portion of cheque transactions recorded in first half of 2016 recorded a “significant decline” when compared to about 16% that the paper-based instrument accounted for in first half of 2015 when it recorded ₦3.2 trillion transaction.




[cactus-ads id="104721"]
Kolade Akinola Technology Journalist at Technology Times Mobile: + 234 (0) 807 401 6027