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Bank customers exchange over N200tn in six months using bank electronic channels

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Volume of PoS transactions hit 6 month low in August, as Nigerians spend less

The Nigeria Inter-Bank Settlement Systems (NIBSS) has revealed that business transactions worth N204.5 trillion were performed electronically in Nigeria between January and July this year.

This represents a 40% increase when compared with N145.8 trillion recorded in the same period last year.

NIBSS noted this in its recent data published on its website and obtained by Ripples NIgeria on Monday.

The electronic channels used are internet banking, bank branch, Kiosks, mobile apps, Unstructured Supplementary Service Data (USSD), POS and, ATM.

Read also: CBN announces new USSD charge for bank customers

According to the data N26.6 trillion worth of transactions was executed in January, and N27.2 trillion in February.

In March, Nigerians performed N31.8 trillion transactions, and N29.2 trillion in April.

In May, the value of e-payment transactions stood at N29.6 trillion.

In June and July there was N31.7 trillion and N29.3 trillion transactions respectively.

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