By Elizabeth Adegbesan
The value of check transactions fell year-on-year (YoY) by 38 percent to N251 billion in July 2020 from N402.8 billion recorded in the corresponding period last year.
Similarly, the volume of check transactions fell 49 percent year on year to 697,915 from 353,769 last year.
However, analysis of the latest data from the electronic payment channel of the Nigerian Interbank Settlement System (NIBSS) shows that the volume and value of Instant Payment (PIN) transactions, Mobile Inter Scheme, Point of Sale ( PoS) of NIBSS increased during the period.
In July 2020, the volume of NIP transactions grew year-on-year by 93 percent to 185 million from 96 million in July 2019, while its value increased by 56 percent to N14 trillion from N9 trillion in July 2019.
Mobile transfer volume also increased by 321 percent to 12.2 million in July 2020 from 2.9 million in 2019, while its value increased considerably percent to N275 billion from N60.13 billion in the period. corresponding 2019.
YoY, PoS transaction volume increased by 38 percent to 53.9 million in July 2020 from 39.2 million in July last year, while the value increased by 49 percent to N416.73 billion from N279.5 billion in July of last year.
However, the electronic channels of Central Payment and Automated Direct Debit (ADD) registered a decrease in the volume and value of transactions during the period.
The breakdown shows that, year-over-year, the volume of transactions made through ADDs dropped by 61 percent to 1,445 from 3,709 in July 2019, while the value of transactions fell by 91 percent to N3. 38 million from N37.7 million in the corresponding period of 2019. The volume of transactions carried out through Central Pay increased by 41 percent to 51,272 in July 2020 from 35,335 in July last year and its value decreased by 33 percent to N297.1 million from N440.9 million in July 2019.