E-payment Hits N203tr, Reveals CBN

E-payment Hits N203tr, Reveals CBN

E-payment Hits N203tr, Reveals CBN

The Central Bank of Nigeria (CBN) half-year e-payment figures have shown that electronic payment (e-payment) transactions worth N203.35 trillion were carried out by banks between January and June 2019.

The data, released at the weekend, showed that the transactions occurred through cheques, Automated Teller Machines (ATMs), Point of Sale (PoS), m-Cash, CentralPay, Remita, Nigeria Interbank Instant Payment (NIBSS) Instant Payment (NIP), mobile money, among other channels.

The report showed that 3.4 million transactions valued at N2.2 trillion occurred through cheques; 504 million transactions worth N49.35 trillion through NIP; 424.5 million transactions worth N3.23 trillion through ATMs. PoS attracted 187.6 million transactions worth N1.39 trillion while web transfers attracted 47.9 million deals worth N223.9 billion.

Others are mobile money 104.7 million transactions worth N1.9 trillion and Remita’s 21.6 million transactions worth N9.8 trillion.

On annualised basis, the data showed that nine million cheques were issued in 2018 compared with 10 million in the preceding year; 875 million ATMs in 2018; 295 million PoS transactions in 2018, among other data.


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Donatus Anichukwueze is a journalism graduate from the Lagos State University, School of Communication. He's a writer with a special interest in technology, sports, entertainment and politics. He's also a through-and-through Chelsea FC fan.

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