AVERAGE MOBILE MONEY PAYMENT ROSE 56.8% IN 2016

The average payment per transaction through mobile money in Nigeria rose by 56.8% to N15,783.37 in 2016.

This was as number of transactions dropped by 15% to 37,339,510 and total value involved increased by 33.2% to  N589,343.5m.

According to e payment statistics released by the Central Bank of Nigeria, this indicated that more rich people had recourse to mobile money as means of payment in Nigeria.

They also most likely flocked to electronic fund transfer (NEFT) because the average here rose by 30.4% to N499767.23 as volume dropped by 15.3% and total value increased by 10.4% to N12.243,431m.

Cheques getting out of fashion as payment medium in Nigeria? May be but high networth individuals and corporations apparently still reach for cheque books for payment.

In 2016, number of transactions involving cheques dropped by 27.5% to 9,764,546 and total value also declined by 23.1% to N4,767,270m but average value actually rose by 6.12% to N488,222 per transaction.

On the other hand, payment through POS grew all round. In volume terms, it rose by 41.6% to 47,743,919; then increased by 27.1% in value and average value to N570,232.2m and N11,943.6 respectively.

ATM too was not endengered in 2016 as volume climbed 8.58% to 470,894,452 but total value involved dropped by 1.27% to N3,921,035m leading to 9.06% decrease in average per transaction to N8327.8

Decoded: More of the masses join the queue for ATM services in 2016 catching smaller amounts.

The one that really took a five in average value in 2017 was local interbank payment (NIP). Volume had risen by 56.1% to 111,151,384 but total value increased by only 15.9% to N29,613,944.7m.

As a result, average per transaction declined by 25.7% to N266,428.9

Unlike payment through web which grew by 31.6% to 37339510 in volume and by 10.4% in value to N101,,090.6m.

Comments

  1. HENATES15 February 2017 at 10:29

    Sorry the statistics referred to above was released by the Central Bank of Nigeria and not National Bureau of Statistics. The error has been corrected as above in the post.

    ReplyDelete

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