Lagos, Nigeria – Nigeria electronic fund transfers (e-transfers) between January and September 2013 recorded an unprecedented 6.849 trillion naira, according to a report by the Nigeria Inter-Bank Settlement System (NIBBS).
The report, quoted by the local media Thursday, cited NIBBS as saying Instant Pay recorded an average volume of 1.13 million transactions, with a monthly transaction value of 761 billion naira (US$1=155 Naira).
“The NIBSS Instant Pay has grown steadily since inception. NIP recorded an average volume of 1.13 million and transaction value of N761bn on a monthly basis during this period. This can be attributed to the reliability of the electronic funds transfer product, which has also increased product patronage,” an NIBSS document said.
The document showed a steady growth in the volume of cheques processed in the second quarter of the year, with June recording 19% growth rate over the previous month.
“This can be attributed to the adoption of cheque truncation nation-wide. There was also a noticeable increase in the value of cheque transactions during the same period,” the document added.
It described the cash-less system in the commercial city of Lagos as a successful one with a steady growth rate.
The report explained that in the period under review, Point of Sale (PoS) terminals recorded an average volume of 591,000 transactions on a monthly basis, while the value of transactions also increased as the confidence level of customers in the payment device increased.
It noted that this trend would likely continue once Value Added Services are deployed on PoS terminals and merchants earn incentives from accepting payments on the terminals.
The Central Bank of Nigeria (CBN) started the implementation of the cash-less policy using Lagos, the financial and commercial hub of Nigeria, as a pilot scheme.
The second phase of the cash-less policy started in July this year, with the Federal Capital Territory(FCT) and five more states.