The NIBSS Instant Payments (NIP) led other electronic payment channels as the volume on transactions stood at 504.2 million in the first half of 2019 with a transaction volume of N49.35 trillion.
NIP is an account-number based, online-real-time Inter-Bank payment solution developed in the year 2011 by the Nigeria Inter-Bank Settlement System Plc (NIBSS). It is the Nigerian financial industry’s preferred funds transfer platform that guarantees instant value to the beneficiary.
The NIP service commenced with only two commercial banks as participants. However, today, the number of participants has grown to include all commercial banks, Micro-Finance banks (MFBs), and Mobile Money Operators (MMOs).
Following the NIP was the Automated Teller Machine (ATM) which recorded 424.61 million transaction volume valued at N3.23 trillion.
Customers are yet to embrace m-Cash as this recorded low in terms of transaction volume at 119,197 and N380.85 million transaction value. M-Cash is an innovative solution designed to facilitate low-value retail payments, grow e-payments by providing accessible electronic channels to a wider range of users and to further enhance financial inclusion in Nigeria, by extending e-payment benefits to Payers and Merchants at the bottom of the pyramid where usage of cash has been predominant.
Central Pay recorded transaction volume and value of 398,520 and N2.83 billion respectively. The report showed that the volume and value of transaction for Automated Clearing House System (ACH/NAPS/PMS) stood at 20.64 million and N11.59 trillion respectively.
The volume of transactions through Point of Sale (PoS) stood at 187.69 million, while the value was N1.38 trillion. Internet (Web) recorded transaction volume of 47.98 million valued at N223.90 billion. The volume of Mobile Money (MM) was put at 104.77 million, while the value stood at N1.96 trillion during the period under review.
The volume of cheques transaction stood at 3. 42 million at transaction value of N2.27 trillion. EBillsPay recorded 616,651 in transaction volume and transaction value of N281. 56 billion. Transactions done through Remita were 21. 62 million valued at N9.84 trillion.
Intra-bank e-payment transactions volume stood at 1.76 trillion, while the valued was put at N203.35 trillion.
Godwin Emefiele, governor of the CBN said the payment services management department in the CBN will work to enable the build-up of a robust and secure payments infrastructure in Nigeria that is reliable and easy to access.
“We will reinvigorate our efforts at driving the cashless initiative across the country, due to the immense efficiency gains that will be derived from it, and the impact it could have on our financial inclusion drive,” Emefiele said in his fiver-year policy thrust.
The CBN last week Tuesday, in a circular to all Deposit Money Banks in the country, announced the commencement of its implementation of cashless policy which would impose charges on deposits in addition to already existing charges on withdrawals.
The charges were to attract 3 percent processing fees for withdrawals and 2 percent processing fees for lodgments of amounts above N500,000 for individual accounts.
However, the House of Representatives last week also, directed the CBN to suspend the implementation of the cashless policy on deposits which took effect from Wednesday, September 18, 2019 until appropriate and extensive consultative process is concluded.
HOPE MOSES-ASHIKE
