The Ultimate Managed Hosting Platform
The total value of transactions in the country through electronic payment (e-Payment) channels, which included Point of Sale (PoS), the Automated Clearing House (ACH) and the Nigeria Interbank Settlement System Instant Payment (NIP) rose by 5.49 per cent to N17.3 trillion in September 2020, compared with the N16.4 trillion recorded in August.
Channel Solutions | Parkway Projects

The total value of transactions in the country through electronic payment (e-Payment) channels, which included Point of Sale (PoS), the Automated Clearing House (ACH) and the Nigeria Interbank Settlement System Instant Payment (NIP) rose by 5.49 per cent to N17.3 trillion in September 2020, compared with the N16.4 trillion recorded in August.

The figure also included cheque transactions.

The Chief Executive Officer, Financial Derivatives Company Limited, Mr. Bismarck Rewane, attributed the rise to the impact of COVID-19, in a report he presented at the Lagos Business School’s executive breakfast session for October, a copy of which was obtained at the weekend.

He stated that the figures were obtained from Nigeria Interbank Settlement System (NIBSS).

The spike in e-banking activities was necessitated by the outbreak of the Coronavirus, which has seen more bank customers embrace alternative banking channels, as part of efforts to avoid contracting the virus.

According to the report, the figure was expected to rise to N18 trillion in the near term, adding that the NIP has surpassed pre-pandemic levels.

This, he said, was due to the convenience associated with e-payment as well as the slow foot traffic in banking halls.

Reviewing economic activities in September, Rewane pointed out that the average oil price in the month fell by seven per cent to $41.89 per barrel, from $45.02 per barrel in August, while oil production was flat at 1.482mbpd.

LEAVE A REPLY

Please enter your comment!
Please enter your name here