A total volume of 2,781,526,188 transactions valued at N319.99trn was recorded in Q3 2020 as data on Electronic Payment Channels in the Nigeria Banking Sector, released by the National Bureau of Statistics (NBS) revealed.
RTGS (Real Time Gross Settlement) transfers dominated the volume of transactions recorded. 1,799,199 volume of Online Transfer transactions valued at N116.06trn were recorded in Q3 2020. Despite its dominance, the volume of RSTG transfers declined by 77.73% compared to Q2 2020 whereas the value slightly rose by 2.53%.
The largest volume (683,939) was recorded in September 2020, whereas the largest value (39.05 trillion). was recorded in July 2020.
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This was followed by Online transfers with a volume of 1,594,740,383 transactions valued at N100.87 trillion recorded in Q3 2020. Both volume and value recorded increases of 20.65% and 38.07% respectively, compared to Q2 2020 data.
The largest volume (613,377,643) of online transfer transactions were recorded in August 2020, whereas the largest value (N34.46 trillion) was registered in September 2020 against a volume of 408,568,313.
A total volume of 39,910,743 NEFT Transfers valued at N76.578 trillion was recorded in Q3 2020. This shows a 2.52% decline in the volume with a 28.59% increase in the value of NEFT transfer transactions compared to Q2 2020.
Although the largest volume (15,659,835) of NEFT transfers were recorded in July 2020, the highest value (N31.07 trillion) was recorded in September 2020.
530,029,056 ATM transactions, worth N5.054 trillion, were conducted in Q3 2020. This represents an increase of 31.72% in the volume and 35.09% in the value of ATM transactions compared to Q2 2020. The highest ATM transactions were in 2020, with a volume of 191,354,683 value at N1.75 trillion transactions conducted.
The volume of Cheques issued in Q3 2020 rose by 66.96% to 5,009,530 while the value increased by 51.17% to N3.83 trillion. Compared to Q2 2020 data. The highest volume (1,639,303) and value (N1.32 trillion) was recorded in September 2020.
The volume of POS transactions in Q3 2020 stood at 162,620,741 with a value of N1.21 trillion. This is an increase of 17.29% and 21.42% in volume and value respectively compared to Q2 2020. The highest POS transaction was recorded in September with volume and value amounting to 58,052,877 and N404.90 billion respectively.
Other electronic payment channels in Nigeria are:
Mobile app transfers (not mobile money) volume of transaction rose by 29.96% to 112,059,083 while the value increased by 29.29% to N8.95 trillion.
USSD transfers with 29.56% rise in volume (133,564,353) and 27.97% rise in the value (1.33 trillion).
Direct debits transaction volume rose by 53.80% to 849,463 while the value declined by 20.08% to N634 billion.
MMOs volume of transaction rose by 28.79% to 200,943,637 valued at N5.48 trillion, an increase of 80.34%.
By: Ifunanya Ikueze