Bank customers exchange over N200tn in six months using bank electronic channels
by Ebor Cletus Ralph Jr
According to the Nigeria Inter-Bank Settlement Systems (NIBSS), between January and July of this year, electronic commercial transactions in Nigeria totaled N204.5 trillion.
When compared to the N145.8 trillion reported during the same period previous year, this is a 40% growth.
This was reported in the most recent data from NIBSS, which was received on Monday by Ripples Nigeria.
Internet banking, bank branches, Kiosks, mobile apps, Unstructured Supplementary Service Data (USSD), POS, and ATMs are the electronic channels that are employed.
The records show that in January and February, respectively, transactions of N26.6 trillion and N27.2 trillion were carried out.
Nigerians transacted a total of N31.8 trillion in March and N29.2 trillion in April.
The total amount of electronic payment transactions in May was N29.6 trillion.
In June and July there was N31.7 trillion and N29.3 trillion transactions respectively.
