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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.



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

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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.

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[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.

  • 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.

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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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Togo, Niger, Benin remit N2.04 billion to Nigeria for power supply

Nigerian Electricity Regulatory Commission says international electricity customers remitted the sum of N2.04billion to Nigeria in three months.



NERC postpones increase of electricity tariffs

Nigeria’s international electricity customers – Togo, Niger, and Benin, remitted the sum of N2.04billion in the first quarter of 2020, as their outstanding electricity bill to the Market Operator (MO) of the sector in Nigeria.

This was found in the Nigerian Electricity Regulatory Commission 2020 first quarter report, which was released recently.

According to the report, a total of N4.05billion ($13.22million) invoices were issued by the MO to international customers including Societe Nigerienne d’electricite or NIGELEC; Societe Beninoise d’Energie Electrique (SBEE); and Compagnie Energie Electrique du Togo (CEET).

The commission stated that during the quarter, NIGELEC made a payment of ₦1.61billion ($5.27million) as part of its outstanding bills for the energy received from NBET and services rendered by the MO.

It stated, “Similarly, SBEE paid ₦0.43billion ($1.39million) in respect of services received from MO.

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“It was noteworthy that tariff shortfall (represented by the difference between actual end-user tariffs payable by consumers and the cost-reflective rates approved by NERC) had partly contributed to liquidity challenges being experienced in the industry.

“The settlement ratio to the expected Minimum Remittance Thresholds, having adjusted for tariff shortfall, indicated that power distribution companies needed to improve on their performance.”


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Special customers like Ajaokuta Steel Co. Ltd and others in its environs did not make any payment in respect of the N0.27billion and N0.05billion invoices issued to them by the Nigerian Bulk Electricity Trading Plc and the MO respectively, during the period under view.

Meanwhile, the power distributors failed to remit N119.88billion to the sector within the same period.

Whereas Discos were expected to make a market remittance of 46.09% during 2020/Q1, only 32.53% settlement rate was achieved within the timeframe provided for market settlement in the Market Rules,” it added.

What it means: The Discos’ remittance level, regardless of the prevailing tariff shortfall, was still below the expected MRT and they are expected to improve on their performances.

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#EndSARS: Protests may return if panels do not address all issues in 2 weeks – Former Nigerian Minister

Akinyemi says the #EndSARS protesters would return to the streets if their demands are not addressed in two weeks.



This was disclosed by Professor Bolaji Akinyemi, during a news interview with ARISE TV this afternoon, as he called on the FG to urgently address the issues raised by the protesters, as these issues extend beyond police brutality and the immediate reform of the Nigeria Police force.
He explained during the interview that the current demands of the youths extend beyond basic needs, which remain the core mandate of the present administration.
He likened the #EndSARS protest to the #BlackLivesMatter demonstration and reiterated that demands of the youth extend beyond stomach infrastructure, as it is more of a call for good governance in a bid to address the concrete issues that the country faces.
He called for strategic actions towards combatting the evils of unemployment in Nigeria; called on the military to employ more military men to soak up the unemployment, and also provide security for the country.
On the issue of restructuring, Professor Akinyemi said restructuring is also key to solving the many problems facing the country.
The Professor of Political Science noted that the way forward for Nigeria will be for the government to utilize the Justice Mohammed Uwais report on electoral reforms and the 2014 National Conference report, which he believes addresses the issues confronting Nigerians.
What they are saying
During the interview, Professor Akinyemi said, “I will say and let me believe I am wrong, the judicial panels have just two weeks to address all these issues before the youths come back to the streets. The government should at least give the youths the impression that you have not set up all these panels to buy time, but that you are genuinely and seriously interested in addressing their issues.”
He reiterated the need for the employment of more police officers,
We told the government, because I was part of that conference, that the United Nations said Nigeria needs 1.5 million policemen. We have only about 350,000 and we were recommending that the Nigerian government should employ 750,000 more policemen.”
What we’ve seen in the past two weeks is that we don’t have enough men in uniform to guarantee security in this country if every part of the country decides to blow up. So you serve two purposes – employment and security, and those are things you can do immediately.
“We have just seen how every Governor was scrambling around in the past two weeks; if you allow each state to have its own state police, you wouldn’t have that experience. I have heard of a situation where the streets took over even governance in almost every state. So, restructuring is that you allow things to be done at the local level.”

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COVID-19: Jason Njoku and wife test positive

iROKOtv CEO and wife have contracted the novel coronavirus.



Jason Njoku and Wife testes positive to Covid-19

Jason Chukwuma Njoku, the co-founder and CEO of iROKOtv and his wife has tested positive for COVID-19. However, Mrs. Mary Njoku is feeling well.

Jason,  disclosed this via his Twitter handle stating that “My enemies are hard at work in 2020. Mrs. Njoku and I tested positive for Covid-19. I’m not feeling great, but Mary is well. Literally no idea how I caught it. But we shall see this pass too.”

The media mogul did not reveal if his children caught the virus too.

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