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.
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.
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.
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.
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.
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.
“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.”
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.
#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.
COVID-19: Jason Njoku and wife test positive
iROKOtv CEO and wife have contracted the novel coronavirus.
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.
My enemies are hard at work in 2020. Mrs Njoku and I tested positive for Covid19 😩. I'm not feeling great but Mary is well. 😷🤢. Literally no idea how I caught it. 🤷🏾♂️. But we shall see this pass too🙏🏾. pic.twitter.com/tnsP1BCPBB
— JasonNjoku (@JasonNjoku) October 28, 2020