How Nigeria executed N441trn e-payments in 2019 ─CBN

Isola Moses

The Central Bank of Nigeria (CBN) has said that over N441trillion e-payment transactions were accomplished in 2019.

According to a table of e-payments released by the CBN, titled, “Industry E Payment Figures for January to December 2019”, over 90 billion transactions were carried out within the year with a value of N441, 905,957,714,981.

The Nation reports that the analysis is made up of 7,275,237 cheque transactions valued at N4,481,668,348,494; ACH/NAPS/PMS within banks, with a transaction volume of 47,311,582 with a value of N25,131,998,130,797.

Other electronic transactions with their values include: ATM, 839,819,922 transactions valued at N6,512,612,259,811; POS, with a volume of 438,614,182 and valued at ?3,204,749,863,644.

Internet (web) transaction volume totalled 103,497,007 valued at N478, 140,101,693; and mobile money transactions of 377,265,208 with a value of N5, 080,961,536,595.

The largest transaction by volume and value in 2019 was NIP (transactions between banks) with a volume of 1,145,785,229 and value of N105, 222,562,871,372.

The smallest was the m-cash transactions totalling 251,490 with a value of N600, 921,460.

EBillsPay that is transactions for settling bills like DSTV subscription, and other bills witnessed a transaction volume of 1,099,805 valued at N652, 586,389,583.

Central pay with a total of 663,163 transactions valued at N5, 476,055,244.