Available records from the Nigerian Inter-Bank Settlement Scheme (NIBSS), an umbrella body of all licensed banks, including the Central Bank of Nigeria (CBN), show that the value of online transaction in Nigeria in the first six months of 2019 is N49.35 trillion.

This figure is an indication that online transaction in Nigeria and the Central Bank of Nigeria’s financial inclusion initiative is gaining traction, compared to the first half of 2018, when the total online transaction was valued at NGN 36.49 Trillion.

Meanwhile, as the online financial transaction is soaring, cheque transaction is dwindling.

According to WeeTracker that analyse this figures, the value of cash transactions via cheques suffered a decline of 11.37 percent from N2.6 trillion in the first six months of 2018 to N2.3 trillion during the first half of this year.

The report noted that between January and June 2019, the volume of cheques cleared by Nigerian banks dropped by 16.7 percent to 3.95 million compared with 4.74 million recorded in the industry last year.

Also, figures released by the apex bank indicate that all electronic payment (e-payment) transactions facilitated by Nigerian banks between January and June 2019 totaled NGN 203.35 Tn.

The electronic paymenet platforms available in Nigeria include Automated Teller Machines (ATMs), Point of Sale (PoS), m-Cash, CentralPay, Remita, Nigeria Interbank Instant Payment (NIBSS) Instant Payment (NIP), and mobile money, among other channels.


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