The initial scepticism that greeted the use of electronics payment options in Nigeria may be fading away if figures from the National Bureau of Statistics and CBN is anything to go bye. At least Nigerians are dumping the use of cheques as a mean of settling payment and are now embracing e-payment solutions.
It can be argued correctly that cash remains the preferred means of payment for good and services and settlement of debts among Nigerians. Factors like love for status quo; illiteracy; reach of financial inclusiveness and lack of trust may have been responsible for Nigerians retained preference for cash usage. But the growth in the use of alternative banking channels over the year revealed that there has been increased confidence and positive metal shift toward the use of e-payment solutions.
Between January and December 2018, there has been over 20% drop in the volume of cheque issued by Nigerian in the settlement of payment while total monthly value of cheques issued also dropped by 7%
Point of sales (POS) terminal has remained the most preferred among Nigerians of all e-payment platforms as it grew by 98% in volume of transactions and 79% in amount of cash payment thought the channel.
Payment for good and services vis the Automatic Teller Machine (ATM) grew by 97% in volume and 28% in value while mobile payment rose by 35% in volume and 42% in value.
5 years (2014 to 2018) analysis revealed a nosediving drop (41%) in the volume of cheques issued and cleared for payments in Nigeria.
ATM remains the most patronised means of payment in Nigeria and has more than doubled its 400 million transaction volume in 2014 by 119% to 876 million volume in 2018.
Increasing number of Nigerians are embracing POS transaction more than any other e-payment solutions. Transaction on POS grew by 1321% over the 5 years period from 21 million transactions in 2014 to 296 million transaction in 2018.
Web transaction and Mobile payment also had their fair share of growth at 813% and 214% growth for Online payment and Mobile payment respectively in 5 years.