Banks e-Transactions Hit N263.78trn in Q2 Says NBS
** CBN Makes e- Marine Insurance Mandatory For Form M
By Our Correspondent
Banks operating in the country have recorded a massive e- transactions in the first six months of 2020, as they strive to deliver safe and convenient services to their customers.
During the period under review the total volume of 2,160,436,659 transactions valued at N263.78 trillion were recorded as data on electronic payment channels in the Nigeria
banking sector.
The National Bureau of Statistics disclosed this in its ‘Selected banking sector data’ report for the second quarter which was released on Wednesday.
The report put online transfer transactions ahead of others, dominating the volume of transactions recorded.
The NBS disclosed that 1,317,621,686 volume of online transfer transactions valued at N72.25 trillion were recorded in Q2 2020.
Meanwhile the Central Bank of Nigeria has made digital marine insurance certificate a mandatory requirement to obtain Form M.
The bank disclosed this in a circular titled ‘Integration of digital marine insurance certificate with e-Form on the Nigeria trade portal’ issued by the Director, Trade and Exchange Department, Dr. O.S. Nnaji, on Wednesday.
It also discontinued the use of the hard copy marine insurance certificate for processing e-Form M.
The circular read, “This is to inform all authorised dealers, Nigeria Customs Service and the general public that the Nigerian Insurers Association digital marine insurance certificates has been integrated with e-Form M on the Nigeria trade portal. “Consequently, the NIA’s marine insurance certificate shall with effect from Monday September 14, 2020 be part of documentation requirements for the processing of e-form M. “For avoidance of doubt, the use of hard copy marine insurance certificates for processing e-Form M is hereby discontinued from the effective date of this circular”, it said.
