The National Bureau of Statistics (NBS) has revealed that the Nigeria’s Banking sector recorded 910,186,115 transactions valued at N65.16 trillion in 2016.
The bureau in its selected Banking Sector Data for the fourth quarter noted that Automated Teller Machine (ATM) transactions dominated the volume of transactions with a recorded of 590, 238, 934 of ATM transactions valued at N4.98 trillion in the year under review.
Further breakdown revealed that Nigeria Inter-Bank Settlement System (NIBSS) Instant Payment had the highest value of transaction worth N38 trillion with 153,616,450 transactions in 2016.
According to the report, National Electronic Funds Transfer (NEFT) recorded 29,754,182 transactions valued at N14.58 trillion, while cheque payments accounted for N5.8 trillion in 11,719,847 NEFT transactions.
Other forms of electronic payment channels listed in the NBS report included Mobile payment, Web and Point of Sales terminal (POS). Of the three electronic payment channels, POS channels dominated both the volume and value.
POS recorded N758.99 billion in 63,715,203 transactions; while Mobile Payments and WEB (Internet) recorded N756.89 billion and N132.35 billion through 47,053,252 and 14,088,247 transactions respectively.