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Current accounts drop by 4.5 million, as PoS transactions hit N373 billion

The number of current accounts held by bank customers dropped by 4.5 million to 25.3 million while PoS transactions hit N373 billion.



PoS transactions hit N3.20 trillion in 2019, as stamp duty rip-off remain , Charges: Current accounts held drops by 4.5 million, as PoS transactions hit N373 billion, Digital payments sustains surge, affirms growth prospects

The current accounts held by bank customers have dropped by 4.5 million as at the end of 2019. This was disclosed by Nigerian Inter-Bank Settlement System (NIBSS) in its latest industry statistics data.  

The  NIBSS’ Data stated  that the number of current accounts held by bank customers dropped from 29.8 million in November 2019 to 25.3 million in December 2019. It also added that Point of Sale (PoS) transactions hit N373 billion within same period.

Meanwhile, bank customers have attributed the decline to the rigid procedures of commercial banks and charges made on the accounts.  

Also commenting on the decline, a banker, who claimed anonymous said, “There are various categories of customers who can own a current account. But basically we have the individual and business (corporate or commercial) customers.

“Current account helps businessmen to make a direct payment to their creditors by issuing cheques, demand-drafts or pay-orders. It also enables a bank to collect money on behalf of its customers and credits the same in their customers’ current accounts.  

“The reason bank customers are abandoning their bank accounts is due to the Commission on Turnover (CoT) and other outrageous charges on transactions they perform. 

PoS agents, operators kick against N50 charge, seek policy reversal , Merchants upgrade POS machines to automatically charge N50 tax duty , FG reviews N50 stamp duty charge to transactions above N10,000, Government reviews stamp duty charge

According to the Central Bank of Nigeria’s (CBN) Guide to Bank Charges, 2017, a bank customer operating a current account will pay  N1 (N1,000) per mille as an account maintenance fee. However, in the apex bank’s newly Revised Guide to Bank Charges December 2019, current account maintenance charges were removed.  

The guideline stated, ”Current Account Maintenance Fee (CAMF): Applicable to current accounts only in respect of customer-induced debit transactions to third parties and debit transfers/lodgments to the customer’s account in another bank is  negotiable subject to a maximum of N1 per mille.”

(READ MORE: CBN to increase BVN linked bank accounts by 60 million)

Details of report: NIBSS stated that commercial banks had opened a total of 124.84 million bank accounts with 95.81 million of them being savings accounts and 25.28 million being current. The total number of active bank accounts stood at 79.28 million.  

The NIBSS data also showed that a total of 1.15 billion instant payment deals were conducted on the platform from January to December this year.

The volume of NIP deals also increased by 57% in the 12-month period of 2019, compared with 729.44 million transactions recorded in the corresponding period in 2018.

Further analysis indicated that the NIP deals had a 31% improvement in terms of the value of transaction when compared to the same period in 2018.


Checks showed that December 2019 had the highest instant payments in value and volume within the period under review.

The NIP volume hit 126.56 million in December, amounting to transactions valued at N10.73 trillion.

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The increase in the total number of accounts, savings accounts and the total number of active accounts can be attributed to various financial inclusion and education innovations and programs carried out by various industry stakeholders that have gained traction in the past year.  

[READ ALSO: mCash transactions hit N88.56 billion one year after re-launch – NBS)

On the other hand, the value of Point of Sale (PoS) transactions hit N372.68 billion with a total of 46.16 million transactions carried out in December 2019. When compared with the N303. 82 billion worth of transactions done in November 2019, the value of PoS transactions increased by N68.85 billion.   

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In all, despite the recent policies of the Federal Government around taxes/stamp duty charges on PoS transactions as recently published on Nairametrics, technology seems to have won and aided the charge of the Nigerian government towards a cashless economy with the increase in volume and value of PoS transactions.   

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PayPal is buying a Crypto security startup for less than $200 million

PayPal is set to outrightly purchase a crypto-security firm, Curv as part of its campaign in building its crypto ecosystem.




PayPal is set to outrightly purchase a crypto-security firm Curv as part of its campaign in building its crypto ecosystem, the company disclosed today.

According to a report credited to CNBC, the deal is estimated to be worth less than $200 million, it’s expected to close before June this year.

The company’s stock price however recorded some selling pressures at the time of writing amid rising U.S Treasury yields and greenback keeping global investors on their toes.

READ: CBN and cryptocurrency ban

The crypto startup about to be acquired by PayPal provides companies with Crypto security technology via the cloud. PayPal revealed that the purchase would help its expansion on supporting crypto.

“The acquisition of Curv is part of our effort to invest in the talent and technology to realize our vision for a more inclusive financial system,” PayPal’s Jose Fernandez da Ponte said in a statement.

In a press statement seen by Nairametrics, Dan Schulman, president, and CEO, PayPal, gave key insights on why the global payment company was going crypto; The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of; financial inclusion and access, efficiency, speed, the resilience of the payments system and the ability for governments to disburse funds to citizens quickly.

READ: U.S customers can now buy Cryptos with Paypal

“Our global reach, digital payments expertise, two-sided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption, and inter-operability of these new instruments of exchange,” he said.

Furthermore, he said, “We are eager to work with central banks and regulators around the world to offer our support and to meaningfully contribute to shaping the role that digital currencies will play in the future of global finance and commerce.”

This offering was made possible through a partnership with Paxos Trust Company, a regulated provider of crypto services and products.

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Corporate Press Releases

Transcorp Hotels launches Aura, an online marketplace for accommodation and experiences

Nigeria’s largest hospitality brand launches a new platform for booking vacation homes, holiday lets, and experiences.



Dupe Olusola

Africa’s leading hospitality brand Transcorp Hotels Plc. has announced the launch of Aura, a new digital platform through which people can book accommodation, restaurants, and experiences.

The new brand, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.

“It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc., Dupe Olusola said.

“For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.

The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.

Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”

“To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.

Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.”

Working with thousands of partners across Nigeria and different cities in Africa, Transcorp Hotels Plc. is building the continent’s largest platform for people-driven hospitality. While travellers enjoy the right selections at the best prices on Aura, hosts can also earn a lot of money by receiving guests in their unoccupied homes and sharing the local culture with them.

For travellers who would rather stay in hotels, Aura also has a great selection of some of the best hotels in every city.

With the launch of Aura, Transcorp Hotels Plc. has further cemented its leadership in the hospitality industry and reinforced its commitment to innovation and superior guest experience across different demographics.

Guests and hosts can sign up at to start booking or hosting. The service is currently available in Nigeria only, but the company said plans are already in place to expand to major cities in Africa.


Transcorp Hotels Plc is one of Africa’s leading hospitality companies, committed to redefining service standards across the continent while remaining truly and authentically African.


Aura by Transcorp

Aura is Africa’s best platform for connecting travellers with great accommodation, good food, and memorable experiences. The platform is also an avenue for people with unoccupied homes, hotels, restaurants, or different skill sets that may interest others can earn an income by becoming hosts.

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