More Nigerians are embracing the electronic option of banking transaction as NIBSS-Interbank Payments (NIP) recorded 3.207 billion transactions valued at N32.4 trillion as preference for cheques payment option dropped in the first quarter of the year.
The Nigerian Interbank Settlement System (NIBSS) in its NIP and cheques volume and value of transactions report for the first quarter of the year noted that the figure for the quarter increased by N8.622 trillion and 1.289 million transactions over the first quarter of 2018 during which 1.918 billion transactions valued at N23.821 trillion were recorded.
For the same quarter, the volume of cheque transactions stood at 2.643 million with value at N1.532 trillion, much lower than the 3.213 million valued at N1.751 trillion recorded in the same quarter of 2018.The report indicates that NIP, an account-number based, online-real-time Inter-Bank payment solution developed in 2011 by NIBSS, is becoming the Nigerian financialindustry’s preferred funds transfer platform.
Nigerian banks have also made the service available to customers through various channels like internet banking, bank branch, Kiosks, mobile apps, Unstructured Supplementary Service Data (USSD), Point of Sales (POS) and Automated Teller Machine (ATM).
Comments are closed.