Monday, June 5, 2023
No Result
View All Result
SUBSCRIBE
eNaira Online News
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion
eNaira Online News
No Result
View All Result

Cashless Transactions Grow By 44%, Mark N117.33tn In Four Months – NIBSS

by e-Naira Online News
May 24, 2022
in Banking
Reading Time: 2 mins read
A A
0
Home Banking
Share on FacebookShare on Twitter


Cashless transactions grew by 44 per cent year-on-year to hit N117.33tn in the first four months of 2022, according to data from the Nigeria Inter-Bank Settlement System (NIBSS).

From January 2022 to April 2022, N117.33tn was processed through electronic channels, which is N35.79tn more than N81.54tn that was processed in the corresponding period of 2021.

Cashless transactions are monitored on the NIBSS through the Nigeria Instant Payment System and Point of Sales terminals.

In January 2022, N27.22tn was processed electronically in the nation, this increased to N27.76tn in February, N32.52tn in March, and N29.84tn in April 2022. In January 2021, N18.99tn was processed electronically, N18.79tn was processed in February, N22.55tn was processed in March, and N21.19tn was processed in April.

Electronic channels were used 1.88 trillion times in the first four months of 2022, a 44.26 per cent increase from the 1.3 trillion times they were used in the corresponding period of 2021. This sustains the growth that was witnessed in electronic payment after the onset of the COVID-19 pandemic.

The NIBSS in a report titled ‘Instant Payments – 2020 Annual Statistics’, said COVID had changed the e-payments landscape and hastened the adoption of instant payments as people switch to electronic channels for funds exchange.

In the preface of a document titled, ‘Why The Central Bank of Nigeria (CBN) made the Cash-less Policy,’ the CBN said Nigeria disclosed at the time that there was a need to help Nigerians migrate from a cash-based economy to an electronic-driven economy.

The apex bank said, “Our economy uses too much cash for transactions for goods and services, especially for buying and selling.

“This is not how it is done in other progressive countries of the world where there are other payment options like; debit and credit cards, bank transfers, bank direct debits, Automated Teller Machines, and even mobile phone money. These achievements have been brought about by the changing needs of their people, competition among banks, and other companies, including changes in technology. Our major focus is to increase the volume of all available payment instruments in Nigeria.”

Recent figures from the NIBSS indicate a gradual shift towards an electronic-driven economy.

Commenting on the surge in electronic payment, the Head, Corporate Communications, NIBBS, Lilian Phido, said, “It is very clear that more and more people are accepting the available channels of payment and the platforms are stable. With stability, these components have grown. With stability more and more people moving.”

Analysts believe the ease cashless transactions have brought to banking has made more people adopt electronic transfers.

Related





Source link

Tags: cashlessGrowMarkmonthsN11733tnNIBSSTransactions
Previous Post

Blockchain In Real Estate Transactions: Adoption Of The Blockchain Network And The Assurance It Provides

Next Post

Promo: Best real estate deals you don’t want to miss

Related Posts

African Development Bank To Extend Nearly $1m In Gender-Based Grants
Banking

African Development Bank To Extend Nearly $1m In Gender-Based Grants

by e-Naira Online News
June 5, 2023
Telecoms Sent Notices To Disconnect Banks
Banking

Telecoms Sent Notices To Disconnect Banks

by e-Naira Online News
June 3, 2023
BREAKING: CBN Denies Devaluing Naira
Banking

BREAKING: CBN Denies Devaluing Naira

by e-Naira Online News
June 1, 2023
CBN Devalues Naira To ₦630 Per $1
Banking

CBN Devalues Naira To ₦630 Per $1

by e-Naira Online News
June 1, 2023
Naira Drops As Banks Give Update on Tax Clearance For FX Demand
Banking

Naira Drops As Banks Give Update on Tax Clearance For FX Demand

by e-Naira Online News
June 1, 2023
Next Post
Promo: Best real estate deals you don’t want to miss

Promo: Best real estate deals you don’t want to miss

Oil prices down over 1% on concerns over recession and China’s COVID restrictions

Oil prices down over 1% on concerns over recession and China’s COVID restrictions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
Why new Kano Governor, Abba Yusuf is seizing public assets sold by Ganduje

Why new Kano Governor, Abba Yusuf is seizing public assets sold by Ganduje

May 30, 2023
Dollar To Naira Exchange Rate Today (Wed. May 31, 2023)

Dollar To Naira Exchange Rate Today (Wed. May 31, 2023)

May 31, 2023
Apple challenges Meta in virtual reality, unveils N1.6m headset

Apple challenges Meta in virtual reality, unveils N1.6m headset

June 5, 2023
Nigeria’s foreign trade falls to N12 trillion in Q1 2023

Nigeria’s foreign trade falls to N12 trillion in Q1 2023

June 5, 2023
African Development Bank To Extend Nearly $1m In Gender-Based Grants

African Development Bank To Extend Nearly $1m In Gender-Based Grants

June 5, 2023
Treasury Bills Buying Deepens Ahead Of CBN Auction

Treasury Bills Buying Deepens Ahead Of CBN Auction

June 5, 2023
Nigerian Breweries Plc To Acquire 80% Stake In Distell Wines and Spirits Nigeria Limited

Nigerian Breweries Plc To Acquire 80% Stake In Distell Wines and Spirits Nigeria Limited

June 5, 2023
The politics of subsidy, moribund refineries and independent marketers

The politics of subsidy, moribund refineries and independent marketers

June 5, 2023
Ignite Investments increase buyout price of Ardova shareholders

Ignite Investments increase buyout price of Ardova shareholders

June 5, 2023
Market sees first dip after recent rally

Market sees first dip after recent rally

June 5, 2023

Get the free newsletter

eNaira Online News

Get the latest news and follow the coverage of eNaira, Business & Financial, Stock Market, Analysis, and more from the trusted sources.

CATEGORIES

  • Banking
  • Business
  • Capital Market
  • Companies
  • Crypto
  • eNaira
  • Finance
  • Opinion
  • Personal Finance
  • Real estate
  • Uncategorized
No Result
View All Result

GET THE FREE NEWSLETTER

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 e-Naira Online News.
e-Naira Online News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion

Copyright © 2022 e-Naira Online News.
e-Naira Online News is not responsible for the content of external sites.