Economy
Mobile Transactions in Nigeria Rise 384% to N1.4tr in Seven Months
By Adedapo Adesanya
The value of financial transactions carried out via mobile transactions amounted to N1.4 trillion from January to July 2020 as more Nigerians had to use the medium due to the limitations brought about by the coronavirus pandemic.
The figure indicated a 384 per cent rise compared to N289 billion recorded in the same period of 2019.
According to the e-payment data released by the Nigeria Inter-Bank Settlement Systems (NIBSS), the amount transferred through mobile platforms in the last seven months has surpassed the total value of mobile transfers recorded in the 12 months of 2019, which stood at N828 billion.
NIBSS revealed that the volume of the mobile interscheme transactions also rose by 485 per cent from 10.9 million recorded between January and July 2019 to 63.8 million in the same period of 2020.
In a breakdown of the seven months figures, the financial body disclosed that the sum of N133.2 billion was transferred via mobile in January this year.
In February, transactions worth N148.3 billion were carried out, while in March, a total of N169.8 billion was recorded as mobile transfers.
In April, a total of N172 billion was transferred over mobile, while the figure stood at 230.2 billion in May.
The steady rise continued well into June and July as they rose to N245.9 billion and N275 billion respectively. This means July has recorded the highest transactional value so far.
The NIBSS data showed that electronic payments through the various platforms made available by banks and facilitated by system sustained their gains in the period under review. For instance, transactions over Point of Sales (PoS) rose by 41 per cent as the value of transactions on the platform across the country stood at N2.4 trillion in the seven months, compared with N1.7 trillion recorded in the same period of last year.
The NIBSS data showed that in January 2020, N313.4 billion worth of transactions were carried out over the PoS, an amount which is 41 per cent higher than the N222.9 billion recorded in January 2019.
In February 2020, the value grew by 69 per cent from N193.4 billion in 2019 to N326.0 billion. In March 2020, N368.9 billion worth of transactions were conducted, an amount which is 70 per cent higher than the N217.5 billion recorded in 2019.
By April, the value of transaction declined slightly to N272 billion, this was, however, higher than the N246 billion recorded in April 2019 by 11 per cent.
This changed in May as transactions worth N358 billion was recorded, a 39 per cent growth over N257.7 billion recorded in the same period last year.
The value of PoS transactions in June stood at N364.7 billion, which was 48 per cent higher than N245.9 billion recorded in June 2019. In July, the value jumped to N416.7 billion, a 49 per cent growth over N279.5 billion recorded in the same period last year.
In terms of volume of transactions, the e-payment platform also recorded 46.9 per cent increase as the volume of the PoS transactions for the seven months stood at 332 million compared with 226 million recorded in the same period of last year.
Analysis of the monthly volume showed that in January, the total volume of PoS payments was 41.30 million; 46.07 million in February and 52.25 million in March 2020. In April, the volume dropped to 40.8 million while it increased to 48.3 million in May. By June, the transaction volume rose to 49.4 million, while 53.9 million was recorded in July.
Out of a total of 548,592 terminals registered by Nigerian banks, only 360,534 had been actively deployed for use as of July, NIBSS data showed. This indicated that 188,058 PoS terminals were inactive.
By Adedapo Adesanya
Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.
Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.
This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.
Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.
Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.
At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.
InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.
By Dipo Olowookere
The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.
This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.
UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.
On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.
Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.
Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.
A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.
This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.
For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.
By Adedapo Adesanya
The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.
At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.
It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.
Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.
Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.
Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.
“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.
Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.
Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.
If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.
Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn