As electronic payment (e-payment) channels continue to grow and banks continue to create awareness about the importance of embarrassing the alternative banking channels. The Central Bank of Nigeria (CBN)’s cashless policy is being boosted with the continuous growth in the use of e-payment channels at least from the data made available by the National Bureau of Statistics (NBS).
A recent report published by the NBS on Selected Banking Data for quarter 3, 2019 as well as CBN’s Industry e-payment Data revealed that electronics payment grew by 83.5% QonQ in Q3 2019 alone. The total Q3 2019 stood at N424.371 trillion as against N231.25 trillion recorded for the first 6 months of 2019.
The report from the NBS also shows that while the total value of e-payments done on the web were about flat with a growth of 8% from Q1 to Q2 and 4% from Q2 to Q3. The value of cheque payment declined by 3% from Q1 to Q2 and 2% from Q2 to Q3 2019.
For the value of e-payments done via ATM, there was a growth of 10% from Q1 to Q2 and 4% from Q2 to Q3 2019. While the value of e-payment done via PoS also grew by 18% from Q1 to Q2 and 14% from Q2 to Q3 2019. The biggest growth in value came from Mobile Payment which grew by 43% in Q2 and 24% between Q2 and Q3 2019
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In terms of volume of transactions done on the alternative banking or e-payment channels, Internet (Web) payment recorded a growth of 35% in Q2 but declined by 3% in Q3. Volume of transactions done on the ATM also grew by 9% between Q1 and Q2 but declined by 4% between Q2 and Q3 2019.
PoS transaction volume grew by 24% between Q1 and Q2 and by 17% from Q2 to Q3 2019. Instant Transfer (NIP) grew as well by 17% and 10% respectively from Q1 to Q2 and from Q2 to Q3 2019. Volume of Mobile Payment grew a lot more significantly than all other e-payment platforms, it grew by 53% QonQ in Q2 and 79% QonQ in Q3 2019.