AUG. 17 2018; NIGERIA'S e-PAYMENT VOLUME UP 60% 2017

According to the Central Bank of Nigeria, the number of times e-payment was resorted to in Nigeria rose significantly by 60% in 2017 compared to 2016.

In its Annual report for 2017 released last Thursday, the number was 1,478.5m in 2017 compared to only 941 in 2016.

However, the value of the e-payment transactions through the year grew by only 39.7% to N99,292.3 bn from 2016's N71,100bn.

The bulk of the volume, 54.15% was through the ATM which confirms the almost compulsory encouragement of all customers to withdraw money through that medium. It also accounted too for the lower % growth in value since ATM withdrawals naturally come in smaller bits from more financially included poor and average income earners.

In terms of value, though, the bulk or 56.67% was through NIP the local interbank transfer platform followed by NEFT for external transfers (15.05%) and Remita (13.63%). 

The value of payments through the ATM with all its dominant volume was only 6.48% of the total value.

Meanwhile, by December 2017, says the CBN, licensed mobile money players in Nigeria were 23 Operators; 4 Card schemes; 9 solution providers, 3 Third party processors; 18 terminal sensor providers and 1 super agent.

According to the apex bank, Payment System Vision 2020 is still on course and 2017 way forward actions included payment finality definition to establish when transaction is irreversible; working out of the Nigerian smart city framework and submission to the National Information technology development Authority (NITDA); target financial inclusion of farmers in collaboration with the Lagos State government and review of banking in free zones regulations to address concerns by banks.

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