Electronic transactions in Nigeria passes one trillion naira mark

More than one trillion Naira (US$6,350,000) was transferred electronically in the first half of 2012, but only 1.3 percent of transactions were made on mobile.

In the latest figures released by the Nigerian apex bank, the Central Bank of Nigeria (CBN) revealed ATM is still the dominant means through which Nigerians make financial transaction. The cash machines account for 96.4 percent of electronic transactions.

The report also revealed the exact value of transactions for the first half of the year compared with previous years.

“The value of electronic card (e-card) transactions rose by 32.8 percent to N1,014.71 billion in the first half of 2012 from N764.14 billion in the first half of 2011, while the volume increased from 167,962,665 in the first half of 2011 to 185,078,223 in the period under review.

“Data on various e-payment channels for the period under review indicated that Automated Teller Machine (ATM) remained the most patronized, accounting for 96.4 per cent, followed by mobile payments with 1.3 percent and POS terminals, 1.2 percent,” the report stated.

The internet was the least patronised portal, accounting for only 1.1 percent of total e-payment transactions.

There were 10,221 ATMs in Nigeria at the end of June and the number of ATM transactions was 178,421,736 compared with 164,755,055 in the first half of 2011, an 8.3 percent increase.

The value of ATM transactions increased during the period to N937.39 billion from N698.19 billion representing an increase of 34.3 per cent.

Posted in: Internet

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