This payment channel had the highest value of transaction in Q3 2018

The National Bureau of Statistics (NBS) has released the Selected Banking Sector Data for Q3 2018 and the data released has revealed that the channel of transaction in the banking sector which recorded the highest value is transactions made through the NIBSS Instant Payment (NIP).

With transaction of 168.618 million in volume made through NIP, the transaction in monetary value stood at N19.95 trillion for the period.

While the ATM followed with a volume of 220.27 million transactions; the value of transaction made through ATM stood at N1.59 trillion, coming second to NIP in terms of transaction value but is the channel with the highest volume of transaction.

The report also show that payment through cheque witnessed a transaction volume of 2 million amounting to N1.80 trillion.

For POS, there was 86 million transactions made via this channel and POS transaction value stood at N650 billion.

In the report, web channel also witnessed transactions of 13.96 million in volume, amounting to N69.07 billion. Mobile payments channel transaction was 23.91 million in volume, amounting to N496 billion.

Also, 7.7 million transactions were made through NEFT and amounted to N3.5 trillion in monetary value. The volume of transaction for mCash stood at 62,061 volume and amounted to 210 million in monetary value.

Other transactions like Ebillspay, Remita, NAPS, and Central Pay volume stood at 279,177, 10,908,721, 4,668,487, and 340,016 respectively and amounted to N115 billion, N4.22 trillion, N2 trillion, and N1.56 billion respectively.

About NBS

The National Bureau of Statistics came into being with the merger of the Federal Office of Statistics (FOS) and the National Data Bank (NDB). The creation was part of the implementation of the Statistical Master Plan (SMP), a programme document of the Federal Government of Nigeria (FGN).

The NBS provides comprehensive, timely, relevant, responsive and customer focused statistical information.

Source: Nairametrics

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