Nigeria Records N34.02trn e-Payment Transactions in Q1 2019

Image

By Dipo Olowookere

The National Bureau of Statistics (NBS) has said the value of transactions recorded on Electronic Payment Channels in the first quarter of 2019 was N34.02 trillion.

In a report released this week, the stat office stated the this was carried out in a total of 557.08 billion transactions.

According to the report, the NIBSS Instant Payments (NIP) transactions dominated the volume of transactions recorded, recording 232.82 billion transactions valued at N24.17 trillion in the period under consideration.

An analysis of the report by Business Post showed that 1.47 million transactions worth N1.15 trillion were carried out via cheques, with ATM recording 202.96 million transactions valued at N1.54 trillion.

In addition, 83.76 million transactions worth N633.81 billion occurred on POS, 20.82 million transactions valued at N107.65 billion on the web payment platforms, and 2.93 billion transactions worth N100.69 billion were carried out via mobile payment systems.

On the m-Cash platform, 58,704 transactions worth N183.44 million occurred, e-bills pay had 316,534 transactions valued at N141.65 billion, Remita recorded 1.46 million transactions worth N19.25 billion, NAPS had 10.70 million transactions worth N6.15 trillion, while Central Pay recorded 232,727 transactions valued at N1.60 billion.

Also, in the report by the NBS, it was disclosed in the report that in terms of credit to private sector, the total value of credit allocated by the bank stood at N15.21 trillion as at Q1 2019.

Oil & Gas and Manufacturing sectors got credit allocation of N3.49trn and N2.23trn to record the

highest credit allocation as at the period under review.

As at Q1, 2019, the total number of banks’ staff increased by 0.33 percent quarter-on-quarter from 104,669 in Q4 2018 to 105,017.

Share
Related Stories
Image
10-February-2024

NIBSS Suffers Downtime, Affects Interbank Transfers

By Aduragbemi Omiyale There are strong indications that the instant payment transfer channel of the Nigeria Inter-Bank Settlement System (NIBSS) Plc is currently down. This has reportedly led to the difficulty experienced by banking customers in sending funds to other bank users. It was gathered that the issue started on Saturday, and as of the time of filing this report, it was yet to be resolved. The NIBSS has yet to issue a statement to allay customersfears over their inability to send money to people using banks different from theirs. The situation has created panic among bank users, who are

Image
21-February-2024

FG to Restructure, Recapitalise Bank of Agriculture for Better Value

By Adedapo Adesanya The federal government has revealed plans to recapitalise and restructure the Bank of Agriculture (BOA) to bolster Nigeria’s agricultural sector and achieve national food security. This was one of the core revelations made by the Vice President, Mr Kashim Shettima, during the first meeting of the National Council on Privatisation (NCP) for the year 2024 at the Presidential Villa, Abuja on Tuesday. He said there is a central role that BOA could play in achieving national food security, citing its extensive branch network across all senatorial districts in the country. Mr Shettima, however, expressed concern about the

Image
14-February-2024

Access Bank to Give Customers Prizes in Love is More Campaign

By Modupe Gbadeyanka Access Bank Plc has disclosed that its customers would win different prizes in its MyAccessMoreValetineStory designed to reward them for their loyalty. The campaign was launched to make the love season memorable for its valued customers, a statement from the lender explained. It stated that special Valentine’s offers, themed Love is More, were introduced during this period to spread love and financial well-being all through February. “Access Bank is committed to enhancing the financial well-being of our customers while celebrating love in all its forms. “These Valentine’s offers are a token of our appreciation for their continued

More Stories
Image
17-July-2023

Russia Shaping its Future Partnership with Africa

By Kestér Kenn Klomegâh The second Russia-Africa summit is planned to demonstrate Russia’s stance against Western hegemony and its capitalist domination across Africa, to show Russia’s “non-Western friends” and to further solicit enormous support for its war in Ukraine. On Africa’s side, leaders plan for their traditional deliberations on “no-cost delivery” of grains while the chosen special group of mediators continues to broker expected peace between Russia and Ukraine. The St. Petersburg gathering is designed to determine the trajectory of Russia’s relations with African countries in the long term. The program includes more than 30-panel sessions and thematic events on

Image
18-May-2022

US, NACC Charge Local Businesses to Capitalize on Trade Initiatives

By Adedapo Adesanya The United States Consulate and the Nigerian-American Chamber of Commerce (NACC) have urged local businesses to take advantage of the US mission’s trade initiatives for a greener economy. This call was made during the NACC May Breakfast Meeting with themed US Mission’s Current Commercial-Focused Activities in Nigeria held in Lagos. Mr David Russell, Head of Commercial Section, Lagos U.S. Consulate, said that the US mission has several initiatives aimed at engaging and providing Nigerian businesses and members of NACC with leverage and opportunities in the US market. According to him, some of the initiatives include Prosper Africa, African

Image
23-May-2021

SERAP Asks Buhari to Suspend $6.18bn Loan Request

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has asked President Muhammadu Buhari to suspend his plans to borrow a $6.18 billion loan from external sources, advising him to instead disclose spending details of the $700 million looted funds reportedly recovered in the past four years. In a letter, the body called on Mr Buhari to reveal the location of projects completed with the money, as well as details of the contractors that executed the projects. SERAP further wants details of how the “government plans to spend the returned £4.2 million [Mr James] Ibori loot, including details of

Image
02-July-2021

Ecobank Nigeria to Unveil Ellevate July 7

By Modupe Gbadeyanka All is now set for the launch of a bespoke women empowerment proposition of the Ecobank Group called Ellevate on Wednesday, July 7, 2021. The special guest of honour is the Managing Director, Development Bank of Nigeria, Mr Tony Okpanachi, while the panellists are the founder,  Health Africa, Fola Laoye; founder, Braveline Growth Partners, Taba  Peterside; and founder of Ruff n Tumble, Nike Ogunlesi. The event will be moderated by Tolulope Babajide, the Innovations and Partnerships Advisor on (Nigeria for Women Project), a World Bank-supported project. A statement from the lender disclosed the initiative, being launched in

Image
25-November-2022

Gospel Singer Sammie Okposo Slumps, Dies

By Modupe Gbadeyanka Reports just filtering in indicate that a popular gospel artist in Nigeria, Sammie Okposo, has passed on. Details of this unfortunate incident are still sketchy, but it was gathered that he passed away on Friday at the age of 51 after he slumped. Recall that some months ago, Sammie Okposo was in the news over issues concerning his marriage. The Wellu Wellu crooner later apologised to his fans and others for betraying their trust, promising to be a better person. Three years ago, the Delta State-born music star had a close encounter with death after the propeller

Image
26-May-2021

Amazon Acquires MGM Studios for $8.45bn

By Adedapo Adesanya Top American Internet-based enterprise, Amazon, has acquired Metro Goldwyn Mayer (MGM) Studios for $8.45 billion as it seeks to strengthen its hold on the film industry, particularly in streaming and distribution. On Wednesday, the company said in a statement that when the acquisition goes through, it will leverage MGM’s storied filmmaking history and wide-ranging catalogue of 4,000 films and 17,000 TV shows to help bolster Amazon Studios, its film and TV division. In the statement, Amazon said it will help preserve MGM’s heritage and catalogue of films and provide customers with greater access to these existing works.

Image
06-June-2023

NLC, TUC Suspend Wednesday’s Nationwide Strike

By Modupe Gbadeyanka The planned nationwide strike action earlier fixed for Wednesday, June 7, 2023, by the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) has been suspended by the unions. The labour unions suspended the industrial action on Monday night after a meeting with the federal government at the Presidential Villa. Nigerian workers had planned to stay away from work to protest the announcement of the removal of fuel subsidy by President Bola Tinubu during his inaugural speech last Monday. Recall that earlier yesterday, the central government obtained an interim order from the National Industrial Court to

Image
03-August-2018

Kogi East Constituents Slam Senator Aidoko over MDG Items

By Dipo Olowookere The lawmaker representing Kogi East Senatorial District at the National Assembly, Mr Atai Aidoko, is not having it easy with people of the area. This is because the Senator has been accused of hoarding items he was supposed to give to his constituents for their empowerment under the Millennium Development Goals (MDG) but were allegedly cornered by him. Some of the items, which the lawmaker, who is seeking re-election, allegedly hoarded were tricycles motorcycles, sewing machines and grinding machines. He was said to have released these items because of the 2019 elections. It was disclosed that the

Ad
Ad
Recent Stories
Image
05-March-2024

Oil Market Falls Despite OPEC+ Cut Extension

By Adedapo Adesanya  The oil market fell slightly on Monday, as demand headwinds outweighed a widely expected extension of voluntary output cuts through the middle of the year by the Organization of the Petroleum Exporting Countries and its allies (OPEC+). Brent futures dropped 81 cents to quote at $82.74 a barrel while the US West Texas Intermediate (WTI) weakened by $1.22 to trade at $78.75 a barrel. The OPEC+ producers agreed over the weekend to extend their voluntary oil output cuts of 2.2 million barrels per day into the second quarter to cushion the market amid global economic concerns and

Image
05-March-2024

Investors Mop up Nigerian Stocks on Economic Optimism

By Dipo Olowookere The Nigerian Exchange (NGX) Limited witnessed a 0.10 per cent growth on Monday amid optimism that the trip of President Bola Tinubu to Qatar over the weekend will yield positive results. At the Nigeria-Qatar Business and Investment Forum in Doha, Mr Tinubu assured Qatari investors that they would not face any bottleneck while attempting to repatriate their funds. This assurance was welcomed by stock investors, who saw light at the end of the tunnel for the nation’s economy, which is currently suffering because of the shortage in the supply of foreign exchange (FX) into the market. Since

Image
04-March-2024

UK Announces £37.3m to Boost Livelihoods in Nigeria, Others

By Adedapo Adesanya The United Kingdom has announced new funding for the Mobile for Development Programme to help more people access mobile and digital technologies to find new opportunities and boost their livelihoods in Nigeria and other developing countries. UK’s Minister for Development and Africa, Mr Andrew Mitchell MP, during a speech at Mobile World Congress last week, announced that the UK is providing £37.3 million of new support for the Mobile for Development Programme. The new UK funding for innovative mobile phone technology will help change lives in developing countries around the world by harnessing AI technology to provide

Image
04-March-2024

Newly-Listed Transcorp Power Targets N500bn Revenue by 2031

By Adedapo Adesanya The latest company to join the Nigerian Exchange (NGX) Limited, Transcorp Power Plc, has announced a revenue target of N500 billion by 2031, tapping opportunities in the capital market and sustainable energy. This was disclosed by the Managing Director of the firm, Mr Peter Ikenga, during the Facts Behind the Listing held at bourse on Monday. The firm, owned by businessman and Chairman of UBA Plc, Mr Tony Elumelu, listed its stocks on the Main Board of the nation’s flagship exchange by introduction. It listed 7,500,000,000 ordinary shares of 50 Kobo each at N240.00 per share. Speaking

Image
04-March-2024

DisCos Must Promptly Respond to Customers’ Complaints—FCCPC

By Aduragbemi Omiyale Electricity distribution companies (DisCos) in the country have been charged to respond to customers’ complaints quickly for better service delivery. This task was given to the energy firms by the Federal Competition and Consumer Protection Commission (FCCPC), which said the companies must design a quick response mechanism to address issues from their customers. Speaking last Saturday at a four-day one-stop-shop for addressing billing, metering, transformer, connection, disconnection, customer service and other electricity consumer issues in Ikeja Electric coverage areas, the acting executive chairman of FCCPC, Mr Adamu Abdullahi, said the highest number of complaints received by the

Image
04-March-2024

Omokungbe Wants Implementation of Initiatives on Women’s Entrepreneurship

By Aduragbemi Omiyale A former Rector of Yaba College of Technology (YabaTech), Lagos, Mr Obafemi Omokungbe, has called for the implementation of programmes and initiatives designed to promote women’s entrepreneurship in Africa. Speaking at the just-concluded 10th anniversary of the African Women Foundation for Nation Building (WINBAFRICA) in Lagos, Mr Omokungbe, a fellow of the Nigerian Society of Engineers (NSE), also appealed to African countries to renew their commitment to women’s empowerment, saying it is a crucial step towards nation-building. According to him, the journey toward women’s empowerment in Africa involves a comprehensive approach that spans various sectors, including education,

Image
04-March-2024

NGX Group Declares 75 Kobo Final Dividend Amid 57.4% Surge in FY’23 Earnings

By Aduragbemi Omiyale A final dividend of N1.5 billion, amounting to 75 Kobo per share has been declared by the board of the Nigerian Exchange (NGX) Group Plc for the 2023 financial year. This brings to N1 the total dividend to be paid by the company after paying 25 Kobo (N495.5 million) as interim dividend at mid-year. In its audited financial statements for the year ended December 31, 2023, the NGX Group said its gross earnings increased by 57.4 per cent to N11.8 billion in FY 2023 from N7.5 billion in FY 2022 because its performances in core revenue and

Image
04-March-2024

Red Line Rail: Labour Party Demands Value for Money

By Aduragbemi Omiyale The Lagos State chapter of the Labour Party has tasked Governor Babajide Sanwo-Olu to ensure the recently commissioned Red Line Rail does not turn out to be another failure due to poor maintenance culture. In a statement by its Publicity Secretary, Mrs Olubunmi Odesanya, the opposition party appealed to the state government to ensure its sustainability. While greeting residents of the metropolis on the project, which was commissioned last Tuesday by President Bola Tinubu, the Labour Party faulted the timing of its completion, saying the ruling All Progressives Congress (APC) ought to have put the initiative in

Image
04-March-2024

Access Bank to Give 700,000 MSMEs Access to N50bn Via YouThrive

By Modupe Gbadeyanka An initiative known as YouThrive designed to give entrepreneurs in the micro, small and medium enterprises (MSMEs) access to a N50 billion credit facility has been introduced by Access Bank Plc. The lender disclosed at a media briefing in Lagos that about 700,000 MSMEs would benefit from this programme, which is open to business owners between the ages of 21 and 40 years. YouThrive is a transformative initiative designed by Access Bank to empower, uplift, and accelerate the next generation of MSMEs. According to the Deputy Managing Director of Access Bank, Mr Victor Etuokwu, who addressed journalists

Image
04-March-2024

Peter Obi Laments Nigeria’s Dependence on War-Torn Ukraine for Food

By Adedapo Adesanya The presidential candidate of the Labour Party in the 2023 polls, Mr Peter Obi, has lamented Nigeria’s dependence on Ukraine, a country ravaged by war, for food aid. Mr Obi, in a statement on Monday, expressed dissatisfaction at the current economic realities and recounted times when the Nigerian economy was faring better than that of Ukraine in 2015. “Ukraine cultivates over 60 per cent of its arable land, whereas Nigeria has over 60 per cent uncultivated arable land. “Despite the conflict, Ukraine feeds itself, and exports agricultural products worth over $25 billion which is about the same