Business Hilights
Tracking Nigeria's Headline Business News Online

EFT overtakes payments from cheque, ATM, rises to N5.5tn in Q3

For three straight quarters this year, payment transactions on national Electronic Funds Transfer (EFT) has overtaken other means of payments, standing at N5.5 trillion while cheque and ATM recorded N1.4 trillion and N1.2 trillion in Q3 2016 under review.

Also, the latest report of the National Bureau of Statistic (NBS) said instant electronic payment rose to N9.5 trillion in 38.829 million transactions by the end of third quarter of 2016.

The bureau data on its third quarter 2016 (Q3) electronic payment channels in the Nigeria banking sector revealed that 157.105 million transactions were recorded through ATM transactions alone in the review period.

According to the report, ATM payment channel had the highest volume of transactions; however, was the 5th largest channel by transaction value with N223billion.

NBS also explained that the value of transactions on Mobil and Point of Sales terminal (POS) hits N223 billion and N190 billion respectively, while Internet value of transaction recorded N30.7 billon in Q3 2016.

In another related report tagged, ‘Nigerian Private Sector Banking Credit by Sector’, NBS reported N16.2 trillion private sector banking credit in Q3 2016 from N15.54 trillion and N13.21 trillion in Q2 2016 and Q1 2016 respectively.

Breaking it down, the bureau reported that N1.4 trillion credit was granted to general business while N1.2 trillion credit by private banks went to oil and gas sector.

Private sector banking credit to Information Communication stood at N958 billion; Finance, Insurance and Capital Market, N933 billion; Real Estate, N760 billion; Transportation and Storage, N459 billion; Power and Energy, N301 billion; Education, N9 billion Others, N397 billion.

Apart from South Africa, Kenya and Egypt, Nigeria is the fourth in EFT and closely followed by Ghana.