The total value of electronic payment transactions in the banking system for the year 2016 stood at N65 trillion while the total volume of electronic payment transactions was put at 910,186,115 respectively, according to the National Bureau of Statistics (NBS).
In the statement by the statistics agency, the details are the channels through which these payments were directed included cheques, Nigeria Electronic Funds Transfer (NEFT), automatic teller machine (ATM), point of sale (PoS), internet (web), NIBSS Instant Payment (NIP) and mobile payments.
Transactions through ATM dominated the volume of transactions at N4.98 trillion with 590, 238, 934 transactions.
Total volume of cheque transaction stood at 11,719,847 valued at N5.82 trillion in 2016.
Transactions on Point of Sale (PoS) terminal was valued at N758.99 billion while mobile payment transactions for the year under review was N756.89 billion.
Pursuant to its goal of ensuring financial inclusion by 2020, the Central Bank of Nigeria (CBN) has said attaining the Payment System Vision 2020 (PSV 2020) would be the catalyst to revolutionise the payment system in Nigeria. According to the CBN, achieving the PSV 2020 would help facilitate economic activities as well as boost the financial inclusion drive of the CBN.
To this end, the apex bank had in exercise of the powers conferred on it by Sections 2 (d) and 47 (2) of the CBN Act, 2007, to promote and facilitate the development of efficient and effective systems for the settlement of transactions, including the development of electronic payment systems, had issued guidelines on operations of electronic payment channels in Nigeria.
Payments through electronic channels are fast gaining traction in Nigeria. This is evident in the statistics of volume and value of transactions that have been done through the channels.
Meanwhile, in terms of credit to private sector, a total of N59.56 trillion worth of credit was allocated by banks in 2016.
According to a selected banking data released by the statistical agency, the services and industry got credit allocation of N23.07 trillion and N22.85 trillion to record the highest credit allocation in the year under review.
As for credit to the real sector, the report showed agriculture got a total of N485.63 billion, N480.63, N491.28 billion and N525.95 billion was allocated in the first quarter, second quarter, third quarter, and fourth quarter, respectively.
Banking sector credit to government was valued at over N5 trillion within the year under review.
Furthermore, the report stated that the total number of banks’ staff dropped from 82,540 in the third quarter of 2016 to 76,812 in Q4.