E- Banking Preference Rises as Cheque transactions dip by N550bn

E- Banking Preference Rises as Cheque transactions dip by N550bn

The total value of transactions by cheques in 2019 declined by N550 billion from N5.03 trillion to N4.48 trillion

 The figures are contained in the electronic payment report obtained from the Central Bank of Nigeria.

In terms of the volume of transactions by cheques, the figure also dropped from 9,019,278 recorded in 2018, to 7,275,237 in 2019.

The drop in cheque transactions has been attributed by experts to preference for the use of electronic payment platforms due to the ease and speed of transactions.

The report also said the total value of electronic transactions carried out through various platforms rose from N17 trillion to N150.77 trillion between January and December.

The N17 trillion represents an increase of 13 per cent over the N133.63 trillion recorded in the 2018 financial period.

The report put the volume of transactions in 2019 at 2.95 billion, noting that this is higher than the 2.073 billion recorded in 2018.

In terms of transactions through Point of Sale terminals, the report put the transactions across the country last year at N3.205 trillion. This the apex bank stated was recorded through 438,614,182 transactions.

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