Nigerians Transferred N99.3tr Via e-Payment Platforms In 2017, Says CBN

More Nigerians are embracing the electronic cash transfers and payment platforms, as a substitute for besieging bank branches to make deposits or withdrawals, according to figures contained in the Central Bank of Nigeria (CBN) audited report for the year ended December 31, 2017.
The report showed a healthy growth in volume and value of e-payments across various platforms, with total volume soaring by 60% to 1.478bn from just 941.8m in 2016, worth N99.292tr, as against the N71.1tr.

The CBN attributed the rise to increased consumer awareness and confidence in e-payment channels by the apex bank and the various banks as part of the cashless economy initiative started some years ago.
A breakdown of the figure showed that automated teller machines (ATMs) remained the most popular e-payment platform yet, accounting for 800.549m, or 54.15% of total bank transactions; followed by the Nigeria Inter-Bank platform where a total of 370.87m, or 25.08% of total transactions occurred. Point of Sale (PoS) machines as a means of settling transactions followed with 146.257m , or 9.89%; among others.
In value terms however, NIP remained the most attractive, accounting for N56.165tr, representing 56.57% of gross value for the period, ahead of NEFT’s N14.946tr, or 15.05%; Remita pooled N13.529tr or 13.63%. The ATM placed third with N6.437tr, or 6.48%; and NAPS, 4.86tr, representing 5% proportion of total value.

With these embrace of electronic payment channels, the report noted, has also come a 28% increase in number of fraud cases increased at 25,043 in the review period, adding thankfully though that “actual losses declined by 24.0 per cent relative to that of 2016.”
Specifically, while a total of 25,043 cases of fraud, worth N4.034bn were reported, up from 19,531 worth N4.368bn; the value of actual loss was put at N1.631bn, as against N2.196tr in 2016.

The report also reported increased patronage of the Nigerian Security Printing & Minting Plc (NSPM) to meet the banknote needs of the nation’s economy.
Of the 2.674bn pieces of banknotes of various denominations, representing an increase of 28.6% over the level in 2016, all of which the NSPM was engaged to print.
The company delivered 1.944bn pieces, representing 72.7% of the total indent, up from 1.648bn units or 79.3% in 2016, while of an outstanding 325.35m pieces of the N100 centenary commemorative banknotes originally awarded to Swedish firm- the Crane Currency in 2014, 60.15m pieces were delivered by NSPM in 2017 as part of the domestication policy.

https://investdata.com.ng/2018/08/nigerians-transferred-n99-3tr-via-e-payment-platforms-in-2017-says-cbn/