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Banks Recorded N11.44trn Online Payments In March



N11.44trn Banks Onlice payments

Banks Recorded N11.44trn Online Payments In March


Bank customers carried out a total of N11.44tn worth of financial transactions on the Point of Sales and Instant payment and electronic bills platforms in March, the latest data from the Nigeria Inter-Bank Settlement System have shown.

This shows a 34 per cent growth from the NIP, PoS and e-Bills figures of N8.54tn recorded in 2019.

Analysis of the data indicated that the customers carried out a total of N10.97tn worth of financial transactions on the instant payment platform in March 2020.

The instant payments were carried out by bank customers via bank branches, Internet banking, mobile apps, Automated Teller Machines and Unstructured Supplementary Service Data.

In addition, the PoS payments valued at N368.86bn were conducted within the same period.

The NIBSS data showed that electronic bill payments worth N107.06bn were conducted in the month under review.

Some of the bills paid by bank customers online were electricity bills, cable TV subscriptions, Internet services subscription and utility bills.


The NIBSS data showed that a total volume of online payment deals via the PoS, and NIP platform were 187.63 million in March this year.

This represents a 59 per cent increase in the volume of transactions on the three platforms, compared with 117.84 million recorded in 2019.

Further analysis showed that the value of the PoS transactions grew by 70 per cent from N217.46bn in March 2019 to N368.86bn in March this year.

The volume of the PoS deals also increased by 75 per cent to 52.25 million in March compared with 29.82 million transactions recorded in the corresponding period in 2019.

The banking industry data indicated that NIP deals had a 28 per cent improvement in terms of the value of transaction when compared to the same period in 2019, when NIP deals amounted to N8.58tn.

The volume of NIP deals also increased by 54 per cent to 135.3 million in March 2020, compared with 87.94 million transactions recorded in the corresponding month in 2019.

The NIBSS data showed that the value of electronic bills deals also increased by 128 per cent to N107.06bn in March, compared with the corresponding period in 2019 when payments were worth N46.93bn.

Checks showed that March had the highest PoS and instant payments in value and volume in the first quarter of the year.

This could be as a result of the closure of many bank branches as a result of the lockdown and the restriction being implemented in many states to reduce the spread of coronavirus in the country.

President Muhammadu Buhari, had announced on a total lockdown of the Federal Capital Territory, Abuja, Lagos and Ogun states, effective 11pm on Monday, March 30, in order to slow down the spread of coronavirus.

He asked all businesses and offices in the three regions with the highest number of confirmed coronavirus cases to shut down for 14 days and residents stay indoors.

Buhari extended the lockdown for another 14 days beginning from Tuesday.

NIP payments valued at N10.3tn and with a volume of 111.35 million were carried out by bank customers in January this year, while in February 2020, NIP deals worth N9.97tn with a volume of 120.26 million were executed on the NIBSS platform.

For the PoS payments, the NIBSS reported 41.31 million and 46.07 million deals in January and February this year, as well as the PoS payments worth N313.43bn and N326.03bn in January and February respectively.

Similar to NIP and the PoS transactions, electronic bills peaked in March at N107.06bn, compared to N92.76bn in January and N78.38bn in February this year.

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Labour Force

Kogi Governor Approves Implementation of N30,000 Minimum Wage for workers



Kogi Governor Approves Implementation of N30,000 Minimum Wage for workers

Kogi state governor, Yahaya Bello, has approved the implementation of N30,000 as minimum wage for the workers in the state.


The secretary to the state government, Folashade Ayoade disclosed this on Tuesday after an extensive meeting with the organized labour in Lokoja


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She blamed the delay in the implementation on the inability for the committee to meet regularly due to the covid-19 pandemic which has been overcome.


The SSG equally commended the organised labour for their understanding and patience, which she said has resulted into the signing of the implementation of the new minimum wage.

Read Also: FCTA Set to Implement Minimum Wage for FCT Workers

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CBN to End Forex Sales to Commercial Banks in 2022



Author: Eunice Johnson, Abuja 

The Central Bank of Nigeria (CBN) has put Deposit Money Banks (DMBs) on notice that it will stop selling forex to them by the end of 2022. CBN Governor Godwin Emefiele made this known in Abuja on Thursday at the end of the Bankers’ Committee Meeting where he also introduced the RT200 Programme.




Emefiele said the time had come for the banks to go out there and source for forex by funding entrepreneurs with ideas. The CBN, Emefiele said, will support the banks by granting rebates and other support until the banks find their feet in sourcing their forex by themselves.

He also disclosed that the apex bank’s policies and measures have led to a significant improvement in diaspora inflow from an average of US$6 million per week in December 2020 to an average of over US$100 million per week by January 2022. He added that the CBN would be reviewing these intervention programmes going forward to ensure that they continue to achieve the desired results.

He said international bodies, including some embassies and donor agencies, have been complicit in illegal forex transactions that have hindered the flow of foreign exchange into the country.


Read Also: CBN Encourages Nigerians to Accept E-Naira

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Customs Corner

Customs CG Deploys 37 Comptrollers as Comptroller Attah Heads Kebbi Command



Customs CG Deploys 37 Comptrollers as Comptroller Attah Heads Kebbi Command

Author: Gift Wada, Abuja

The Comptroller General of Customs Col. Hameed Ibrahim Ali (Rtd.) has approved the deployment of 37 Comptrollers to various Units, Departments and Commands across the country.

This was disclosed in a release signed on Tuesday by the Customs Deputy National, DC Timi Bomodi for the Comptroller General of Customs.

Among those deployed are the present National PRO of Customs Comptroller Joseph Attah who will assume the office of Area Controller of Kebbi Command, Comptroller AAS Oloyede who shall be moving from ICT/MOD to Tin Can Island Port Command, while Comptroller SI Bomoi to FCT Command. Other postings are Comptroller BA Jaiyeoba to Oyo/Osun Command, Comptroller A Dappa-Williams to Eastern Marine Command, Compt. MA Umar Kano/Jigawa, Compt. KC Egwuh ICT/MOD, Compt. LM Mark Enugu/Anambra/Ebonyi, Compt. T Tachio CTC Kano, Compt. AA Umar Western Marine, Compt. M Dansakwa North Eastern Marine, Compt. AC Ayalogu T & T and Compt. KD Ilesanmi will assume duty as Comptroller Board among others.


Ali in postings released on 7th of February, charged the newly posted Comptrollers to justify the confidence reposed in them by NCS Management by bringing to bear their years of experience and training in trade facilitation and anti-smuggling activities on their new assignment.


Given the enormous expectations of government regarding revenue generation in the current year, the Comptroller General reiterated the need for all Area Controllers and Unit heads to take full charge of the affairs of their Commands by ensuring absolute compliance with extant fiscal policies while leveraging on the efficient management of data to optimize trade facilitation and revenue collection.

Furthermore, the CGC directed all officers to be extremely vigilant in protecting the lives and wellbeing of Nigerians by ensuring the full fortification of our borders against the incursion of smugglers and other cross border criminals.

Read Also:

Customs Raises Concerns over Finance Act as Senate Sets N3trn Target for Revenue Agencies

Comptroller Ali Ibrahim Assumes Duty as New Customs FOU Zone ‘C’ Boss

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