Electronic banking in Nigeria surges, hits N18 trillion in Q3
Latest reports from the National Bureau of Statistics show that electronic banking is gaining more ground in the nation’s routine banking system with total volume in third quarter of this year hitting an all-time high of N18,156,886,932,319 up from N14,704,062,459,406 in second quarter. Total value of electronic banking at first quarter was N13,229,839,848,406.
This shows a steady growth pattern and a clear indication that Nigerians have come to fully embrace the culture of electronic banking.
Leading the log is the Nigeria Inter-Bank Settlement System (NIBSS) Instant Payment otherwise known as NIP which grossed a total value of N9,591,119,761,666 almost N1 trillion more than second quarter value of N8,728,079,150,546. NIP transfers for first quarter was N7,637,182,526,549.
The NIBSS Electronic Fund Transfer (NEFT) came second with total transaction value of N5460,300,501,426 in third quarter up from N3,041,713,805,816 in second quarter. First quarter NEFT transaction stood at N2,757,682,416,934.
Cheque transactions in Q3 of this year was N1,414,899,920,828 while ATM transactions for the same period stood at N1,246,798,709,648. Point of sale (POS) transaction for Q3 was in billions at N189,947,009,525.