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Business News

Banks’ online transactions rise by N12.8 trillion  

The value of online transaction made in Nigeria has increased from N36.49 trillion between January and June 2018 to N49.35 trillion in 2019.

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Independence Day: Online transactions hit 2.8 million

The value of banks’ online transaction made in Nigeria has increased from N36.49 trillion between January and June 2018 to N49.35 trillion between same period in 2019. This represents an increase of 33.8%, data obtained from the Nigerian Inter-Bank Settlement Scheme disclosed.

Also, the use of online financial transaction platforms has continued to rise with the volume of payments on NIBSS’s Instant Pay growing by 63.5% from 308.41 million to 504.16 million within the same period.

[READ MORE: Independence Day: Online transactions hit 2.8 million]

However, the value of cash transactions via cheques suffered a decline of 11.37% from N2.6 trillion in the first six months of 2018 to N2.3 trillion between January and June this year.

Independence Day: Online transactions hit 2.8 million

What it means: It means the cashless policy of the Central Bank of Nigeria, which led to the increase in alternative digital payment platforms, is to a certain extent successful. The policy has reduced the number of visits to banking halls as indicated by the reduced number of payments made by cheques in the first half of the year.

Breakdown of cheques deals: From January to June 2019, the volume of cheques cleared by Nigerian banks dropped by 16.7% to 3.95 million compared with 4.74 million recorded in the industry within the corresponding period in 2018.

Transactions via cheques have been on a steady decline this year as shown by data on the volume of cheques cleared from January to June.

[READ ALSO: Updated: FG’s VAT charges on online transactions to commence]

NIBSS data also disclosed that in January 2019, banks honoured 712,191 cheques valued at N403.22 billion as against, 885,166 cheques valued at N449.25 billion in the same period in 2018.

British airways
  • The total number of cheques treated in February dropped to 640,497 cheques worth N372.36 billion from 784,659 cheques worth N426.91 billion;
  • March – 653,032 cheques worth N377.17 billion to 806,284 cheques worth N440.73 billion;
  • April – 638,248 worth N379.82 billion from 737,353 cheques worth N435 billion;
  • May – 718,139 cheques valued at N401.76 billion from 798,737 cheques valued at N446.44 billion; and
  • June – 591,741 cheques valued at N336.59 billion from 732,157 cheques valued at N397.62 billion within the same period.
  • Automated Direct Debit (Volume) in January dropped from 3.54 million to 3.29 million
  • February – 2.32 million to 3.17 million
  • March – 2.32 million to 2.44 million
  • April – 3.94 million to 3.90 million
  • May – 2.87 million to 3.29 million
  • June – 2.47 million to 2.22 million
  • Automated Direct Debit (Value) in January dropped from N25.64 billion to N18.41 billion
  • February from N26.75 billion to N18.41 billion
  • March – N26.75 to N23.26 billion
  • April – N38.05 billion to N37.53 billion
  • May – N26.96 billion to N25.74 billion
  • June – N15.7 billion to N14.27 billion

Surge in PoS, e- bill payment volume: NIBBS data also confirmed that the use of digital financial transaction platforms increased as the volume of Point of Sales (PoS), mobile payments and electronic bill payments hit a double-digit feat.

Similarly, the data also revealed that the volume of electronic payment of bills such as utility bills, cable TV subscription, hotel and airline bookings, school fees and airtime top-up witnessed a growth of 20% from 513,442 in the corresponding period in 2018 to 616,651 same period in 2019.

  • e-bills transactions increased from N256.65billion in 2018 to N281.56billion in the corresponding period in 2019.
  • Volume of transactions on the PoS terminals jumped from 120.7 million to 187.7 million, 55.39% increase

Already, 270,110 PoS terminals had been registered as of March 2019.

Stanbic 728 x 90

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Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

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    Appointments

    Standard Bank Group appoints Yinka Sanni as new Chief Executive of Africa Regions

    Yinka Sanni has been appointed as Standard Bank Group’s Chief Executive of Africa Regions.

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    Stanbic IBTC declares N10.4 billion interim dividend

    The Standard Bank Group has announced the appointment of Yinka Sanni as the new Chief Executive of Africa Regions.

    This announcement was made by the Group in a post shared via its official LinkedIn account. The bank revealed that Sanni will be replacing Sola David-Borha who is retiring after 31 years of distinguished service to the group.

    His appointment will play an integral role in driving the growth of the Standard Bank Group in Africa further in the years ahead.

    He is expected to build on the work of David-Borha, a renowned professional who played a key role in growing the Group’s Africa Regions portfolio in terms of capacity, market share and contribution to the group’s headline earnings.

    What you should know

    • Yinka Sanni is a Fellow of the Chartered Institute of Stockbrokers of Nigeria.
    • He has served in key positions within the Stanbic Group, as the Chief Executive of Stanbic IBTC Holdings PLC, Chief Executive of Stanbic IBTC Bank PLC, Deputy Chief Executive of the Bank and Executive Director, Corporate & Investment Banking of the Bank.
    • He was also the pioneer Chief Executive, Stanbic IBTC Pension Managers Limited and the pioneer Chief Executive, Stanbic IBTC Asset Management Limited.

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    Corporate Press Releases

    P2P crypto marketplace, Bitzlato (BZ) partners with Lemonade Finance to ease money transfers across Africa

    The partnership will enable users on the BZ platform to buy and sell bitcoins and other cryptocurrencies on the marketplace at zero cost.

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    Bitzlato (BZ), the latest P2P Crypto Exchange to enter the African market, has added Lemonade.Finance, a borderless payment platform for Africa, as a payment method to its platform.

    Lemonade Finance provides 100% digital payment experience for Africans to seamlessly participate in the global economy from anywhere in the world without any hassle or regardless of where they are from.

    The partnership will enable users on the BZ platform to buy and sell bitcoins and other cryptocurrencies on the marketplace at zero cost.

    Users in Nigeria will now be able to send Nigerian Naira (NGN) to MPESA at 0% transaction fee.

    Speaking about this partnership, Ridwan Olarere, CEO, Lemonade Finance, said:

    “We are excited to partner with such an innovative company like Bitzlato to connect more Africans through payment. Many Africans living on the continent face many difficulties when making payments as remittance companies charge high fees and are time-consuming. We are now providing our users with a cost-effective way of sending money to Ghana, Kenya, Uk and Europe.”

    Commenting on the opportunities this provides to crypto traders on the BZ platform, Mike Lunov, CEO, BZ, said:

    “This partnership will provide a much-needed gateway that enables the markets we serve to seamlessly interact with each other in a borderless and open environment. We seek to break the barriers that presently exist for cross border transfers and enable our users to generate value through the opportunities that accrue from cryptocurrencies trading. The innovation exhibited by the Lemonade platform, and the brilliance of its team assures users of top-notch, secure and reliable transfers going forward.”

    Hotflex

    According to BZ, during the first month, BZ will refund commissions in manual mode while using Lemonade Finance, but this will be automated at the end of this period.

    Following this partnership, BZ is now looking to partner with merchants in the crypto space especially in Nigeria, Ghana, South Africa that have a steady flow of Nigerian Naira (NGN) to increase liquidity on the platform.

    British airways

    Take advantage of the new Lemonade Finance payment method on BZ, which offers zero transactional fees for money transfers from Nigeria into Kenya. Sign up on BZ and start trading crypto easily today.

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