Nigerian e-payments hit NGN1 trillion in H1 2012

Rise in electronic transactions

A study in Nigeria shows the value of electronic card transactions has increased by 32.8% in H1 2012.

According to an economic report released by Central Bank of Nigeria (CBN), the growth registered by this kind of transactions has led to a decrease in the use of cleared cheques. Data shows that, during the period under review, the volume and value of cleared cheques have declined by 12.1% and 13.5%, respectively.

Furthermore, research on various e-payment channels for the same period shows that Automated Teller Machines (ATMs) have remained the most preferred, accounting for 96.4%, followed by mobile payments with 1.3% and POS terminals with 1.2%. The online channel was the least patronised, accounting for only 1.1% of total e-payment transactions.

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