E-PAY GROWING IN NIGERIA BUT VALUE LAGGING.

The use of e-payment channels in Nigeria seems to be growing but not in step with the value involved

According to relevant statistics for up to July released by the National Bureau of Statistics, volume did increase significantly especially for ATM, POS and NIP but not with corresponding growth in value involved.

According to the figures, when July 2015 and 2016 figures are compared, there was 89.1% increase in POS volume but the accompanying increase in value was only 62.9%.

As for NIP (NIBSS Instant Payment), there was also significant 77.7% increase in volume but only 24.5% increase in value was recorded.

In the case of ATM, both growths were closer with volume rising by 37.6% while 21.2% was reported in value involved.

In the case of payment through the web, volume increased by 59.9% but value growth came to 42.2%.

However, payment through mobile device, Nigeria Electronic Fund Transfer and through e bills pay recorded significant exceptions.

In the case of mobile, there was 12.9% drop in volume, but value more than doubled.

As for NEFT, the volume growth recorded was 15.7% compared to 57.3% leap in value.

The one of payment through e bills was equally significant because from 38.4% drop in volume, 33% increase in value was recorded.

Less significant though, was payment through cheques which declined by 27.4% in volume and by 18.2% in value.

Looking at the monthly trend since 2015, July 2016 figures presented recoveries on  lower monthly volume and value trend since this year.

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