Business Hilights
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Electronic banking in Nigeria gallops to N18tn in Q3

The National Bureau of Statistics (NBS) report has shown that electronic banking in Nigeria is growing on a geometric trend with a total volume in third quarter of this year hitting an all-time high of N18,156,886,932,319 up from N14,704,062,459,406 in second quarter.

Total value of electronic banking at first quarter was N13,229,839,848,406.

Analysts say the trend shows a steady growth pattern and a clear indication that Nigerians have come to fully embrace the culture of electronic banking.

The log is driven by the Nigeria Inter-Bank  Settlement System (NIBSS) Instant Payment otherwise known as NIP which grossed a total value of N9,591,119,761,666 almost N1 trillion more than second quarter value of N8,728,079,150,546. NIP transfers for first quarter was N7,637,182,526,549.

It would be recalled that the NIBSS Electronic Fund Transfer (NEFT) came second with total transaction value of N5460,300,501,426 in third quarter up from N3,041,713,805,816 in second quarter.  First quarter NEFT transaction stood at N2,757,682,416,934.

Cheque transactions in Q3 of this year was N1,414,899,920,828 while ATM transactions for the same period stood at N1,246,798,709,648. Point of sale (POS) transaction for Q3 was in billions at N189,947,009,525.