The value of Automated Teller Machine transactions across Nigeria as of the second quarter of 2018 got to N39.15trillion, theNational Bureau of Statistics revealed in its “Selected Banking Sector Data in the Fourth Quarter, 2018”.
This value, according NBS, was derived from 616,528,697 transaction among Nigerians, adding that NIBSS Instant Payments transactions dominated the volume of transactions recorded in the quarter.
NBS also noted that data on “Electronic Payment Channels in the Nigeria Banking Sector” during the period, indicates that 228, 209, 423 NIP transactions valued at N23.57 trillion were recorded in the quarter under review.
For effective financial inclusion, Nigeria’s apex bank, the Central Bank of Nigeria (CBN), has pegged required number of ATMs at 60,000 units. This is estimated to serve the everyday cash needs of Nigerians while persuading them to keep the bulk of their money in the bank.
But the value of Automated teller machines (ATMs) (per 100,000 adults) in Nigeria was 16.73 as of 2016, according to reports.
In fact, the NIBSS had disclosed in 2016 that the total number of ATM in Nigeria was 17,398 in 2016, with about 607 million total transaction volume between January and December 2016. This is less than one-third of the desired total.