Cashless economy has recorded further boost as the value of electronic payment transactions rose year-on-year (YoY) by N9.7 trillion or 80 percent to N21.9 trillion in 2020 from N12.2 trillion in 2019.
Similarly, the volume of epayment transactions rose YoY by 178.2 million or 98 percent to 359.58 million in 2020 from 181.4 million in 2019.
According to Vanguard analysis of Nigeria Interbank Settlement System (NIBSS) electronic payment data shows that the highest volume of transaction of 264 million was recorded in NIBSS Instant Payment (NIP) channel in 2020.
Further analysis shows that the channel with the highest value of transactions of N20 trillion in the year under review was NIP while that with the lowest value of transaction amounting N272 million was Central Pay.
The data also shows that transactions done using NIP, Point of Sale (PoS), Mobile transfer and E-billspay channels had significant increases in volume and value during the period.
The volume of cheque transactions, however, rose by 29 percent to 652,412 in 2020 from 504,728 in 2019 while itsvalue fell by 10 percent to N325 billion in 2020 from N391.6 billion in 2019.