NIBSS Instant Bank Transfers Hit N41.4trillion In 5 Months


NIBSS Instant Bank Transfers Hits N41.4trillion In 5 Months

VALUE of instant bank transfers executed through the Nigeria Inter-bank Settlement System Plc (NIBSS) hits a record high of N41.48 trillion in first five months of 2019.

This is as government agencies, social intervention programs, banks, fintechs others intensify efforts to expand financial inclusion, especially in the informal sector.

This amount represent a whooping 36% increase in the value on the transactions compared with N30.448tn transactions in the first five months of 2018.

In the same vein, the volume of transactions on NIBSS increased by 35%, analyses of data on electronic payment transactions obtained from the Nigeria Interbank Settlement System showed.

Huge investment of financial institutions in technology that drives digital banking continues to yield results as further analysis of the statistics showed that the value of transactions on mobile devices from January to May this year was N183.7bn, a 31% growth from N140.58bn in 2018.

In addition, the volume of mobile inter-scheme transfers increased by 115% from 6.151 million transactions in the five months under review in 2018 to 2.856 million as of May 2019.

As regards the Point of Sales transactions from January to May 2019, transactions worth N1.137tn were carried out on the terminal all over the country, recording a 36% increase as against N0.86tn in 2017.

According to the data, the volume of PoS transactions in the country also rose by 57% from 97.49 million in January to May 2018 to 152.6 million in the corresponding period in 2019.

The growing adoption and investment in financial technology have earned 11 deposit money banks about N124.5bn revenue from electronic transactions in 2018.

READ ALSO! Nigerian Central Bank Approves Disbursement Of Loans For Creative Industries At 9%

READ ALSO! Tony Elumelu To Empower 1,000 Northern Entrepreneurs With $5000 Each

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

READ ALSO! Is N-Power Truly Empowering Nigerian Youths?

READ ALSO! How Nigerian Govt Can Lift 100million People Out Of Poverty — Tony Elumelu

READ ALSO! TraderMoni: Poverty Alleviation Or Political Leverage?

READ ALSO! Is N-Power Truly Empowering Nigerian Youths?

READ ALSO! Gtbank 737 Disservice: How to Kick Your Customers in the Butt!

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

READ ALSO! The Love Of Your Life Is An Illusion: It Doesn’t Exist Anywhere!