ATM remains favourite as Nigerians pay N56.8trn electronically in 2018

Automated teller machines (ATM) are the most preferred form of electronic banking in Nigeria.

This is according to data provided by the Nigerian Interbank Settlement System (NIBSS).

Between January and September 2018, transactions worth N56.85 trillion was carried out electronically.

This is a N16.4 trillion increase from the N40.45 trillion recorded in 2017.

A total of 650.06 million transactions worth N4.76 trillion were carried out on ATMs as against the N4.61 trillion from 560.86 million transactions in 2017.

NAN reports that other popular platforms used were NIBSS Instant Payment (NIP), Point of Sale (PoS), Mobile Money, Electronic Bills Payment (E-Bills) and Web payments.

Under the review period, 98.73 million transactions worth N975 billion were carried out using POS in 2017, while in 2018, the volume grew to 196.83 million, valued at N1.61 trillion.

Similarly, the volume of transactions carried out by Nigerians, using mobile money rose from N795.18 billion in 2017, to N1.22 trillion as at September 2018.

Also, using the web payment channel, the total value of transactions under the review period rose from N129.24 billion in 2017, to N183.07 billion in 2018.

However, the value of such transactions on e-bill payments, which allowed customers to pay utility bills such as power, cable and so on online, declined from N420.73 billion in 2017 to N370 billion in 2018.