Electronic Payments Hit N424tn in Nine Months – CBN

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The Central Bank of Nigeria (CBN)’s cashless policy has received a boost as the total value of transactions through various electronic payment (e-payment) channels stood at a total of N424.371 trillion in the first nine months of 2019.

This represented 83.5 per cent increase compared with the total of N231.247 trillion recorded at the end of June 2019.

The figures were contained in the latest industry e-payment data as at the end of September obtained from the CBN.

The data also showed that while the combined value of Automated Clearing House System/NAPS/PMS stood at N17.966 trillion as at September, higher than the N11.596 trillion recorded in the first six months of the year, total value of ATM transactions was N4.861 trillion in the period under review. This is higher than a total of N3.238 trillion realised as at June.

Also, while the value of point of sales (Pos) transactions recorded in the period under review was N2.240 trillion, up from the N1.384 trillion it was as at June; total value of internet (web) transactions increased significantly to N344 billion as against the N233.903 billion recorded as at June.

Similarly, the industry recorded a total value of mobile money transactions of N3.394 trillion in the first nine months of 2019, which was far higher than the N1.966 trillion recorded at the end of June while Nigerian Instant Payment (NIP) value was N75 trillion, as against the N49 trillion it was at the end of June.

Also, E-bills/PAY transactions amounted to N429 billion in the period under review, up from the N281 billion they were in the first six months of the year, while payments captured through the Remita recorded a total value of N14.817 trillion, higher than the N9.839 trillion it was as at June this year. Also, M-cash rose to a total value of N511 billion, up from N381 billion as at June.

The data also showed that payment through the Central Pay in the period under review climbed to N4.037 trillion, up from N2.835 trillion while intra-bank e-payment transactions totalled N203.354 trillion in the review period.

CBN Governor, Mr. Godwin Emefiele, recently pointed out that as part of efforts to build a more inclusive financial system and improve the efficacy of monetary policy tools, the bank had provided super-agent licences as well as three Payment Service Bank licences to telecommunications and fintech companies.

These measures, according to him, were to aid the development of a robust payment infrastructure and an expansion of agent locations across the country.

He said as a result of the bank’s policy measures in 2019, over $400 million was invested in fintech companies, focused on supporting improved payment services in Nigeria.

“With the entrance of new players into the payment services market and the strengthening of our financial networks, a growing number of underserved Nigerians have access to cost effective banking services.

“Our objective is to support the development of a robust payment infrastructure that would bring more Nigerians who do not have access to financial services into the financial system.

“The provision of licences to several players will help support innovation and competition as all parties work to increase their customer base.

“Nigerians in underserved location will have access to cost effective payment services, cash-in and cash-out facilities and savings products.

“We intend to sustain these efforts in 2020 as part of our plan to reduce our financial exclusion rate to under 20 percent over the next year,” he had added.