Nigerians did N4.76Trn ATM transactions in 2018, NIBSS report

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ATM, CWG plc, NIBSS, CBN

 

A latest report from the Nigerian Interbank Settlement System (NIBSS), shows that Automated Teller Machine (ATM) transaction in Nigeria, grew from N4.61 trillion in 2017 to N4.76 trillion at the end of the third quarter of 2018.

The report, obtained by the News Agency of Nigeria (NAN) shows that ATM transactions were the favorite among Nigerians in the year 2018, where electronic transactions was worth N56.85 trillion from January to September.

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The electronic payment channels include the NIBSS Instant Payment (NIP), Point of Sale (PoS), Automated Transfer Machines (ATMs), Mobile Money, Electronic Bills Payment (E-Bills) and Web payments.

The report indicates that the volume of transactions on ATMs under the period in review grew from 560.86 million in 2017, to 650.06 million in 2018.

Meanwhile, there was a rise of about N635 billion in the use of POS machines to carry out payments by Nigerians. A breakdown revealed that 98.73 million transactions worth N975 billion were carried out using POS in 2017. In 2018, the volume grew to 196.83 million, valued at N1.61 trillion.

Similarly, the volume of transactions carried out by Nigerians, using mobile money rose from N795.18 billion in 2017, to N1.22 trillion as at September 2018.

Also, using the web payment channel, the total value of transactions under the review period rose from N129.24 billion in 2017 to N183.07 billion in 2018.

However, the value of such transactions on e-bill payments, which allowed customers to pay utility bills such as power, cable and so on online, declined from N420.73 billion in 2017 to N370 billion in 2018.

 

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