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 Modupe Gbadeyanka
Nigeria’s First Lady, Mrs Oluremi Tinubu, has given Nigerians business advice that may not involve a lot of money to start.
Speaking with newsmen recently, the wife of President Bola Tinubu said businesses like akara (fried bean cake), kulikuli (a crunchy snack from roasted peanuts or groundnuts) and roasted corn can be set up without breaking the bank.
She disclosed that to support her husband’s Renewed Hope agenda, she has provided funding packages to traders and others to the tune of N3.5 billion.
“To start akara business doesn’t take a lot of money. To start roasting corn and kuli-kuli doesn’t take much. We didn’t give them a loan; we gave it to them as a grant,” she stated.
She further said, “We’ve encouraged Nigerians as best as we could, what is within our hands, I have given, and I keep giving. Those are the things we’ve done.”
“I remember giving for TB (tuberculosis) when I heard of many TB cases; I gave N2 billion, to breast cancer, I gave N1 billion, and to [tackle] malnutrition, I gave N500 million.
“These are the things we’ve been doing to assist the government. So, we’ve had impact in agriculture, social investment, education (as scholarship and ICT training) and others. We are still open to doing more,” she disclosed.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rallied by 1.70 per cent on Thursday, June 25, after three price gainers overpowered the two price losers recorded at the close of business.
Consequently, the market capitalisation of the trading platform increased by N43.79 billion to N2.618 trillion from N2.574 trillion, and the NASD Security Index (NSI) improved by 72.96 points to close at 4,362.32 points, in contrast to Wednesday’s 4,289.36 points.
Yesterday, the price advancers were led by Nipco Plc, which chalked up N31.79 to close at N349.76 per unit versus the preceding day’s N317.97 per unit. Okitipupa Plc gained N18.00 to end at N298.00 per share versus the previous session’s N280.00 per share, and Central Securities Clearing System (CSCS) Plc went up by N7.11 to N86.79 per unit from N79.68 per unit.
On the flip side, Nitrox Industrial Gases Plc crumbled by 32 Kobo to close at N21.09 per share compared with the N21.41 per share it closed at midweek, and Food Concepts Plc depreciated by 25 Kobo to N2.51 per unit from N2.76 per unit.
During the session, the value of securities traded by investors went down by 86.7 per cent to N10.9 million from the preceding session’s N82.9 million, and the volume of securities dropped 84.9 per cent to 10.9 million units from the previous 82.9 million, while the number of deals grew by 84.2 per cent to 35 deals from 19 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and CSCS Plc with 68.4 million units exchanged for N4.7 billion.
GNI Plc was also the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited further suffered a 0.64 per cent decline on Thursday as the bears tightened their grip on the bourse.
For the second straight session, all the key sectors of Customs Street pointed south, with the energy counter down by 5.22 per cent. The insurance index slumped by 2.59 per cent, the banking space depreciated by 0.28 per cent, and the consumer goods segment moderated by 0.06 per cent, while the industrial goods sector was flat, though with a marginal fall.
As a result, the All-Share Index (ASI) contracted by 1,493.71 points to 233,580.83 points from 235,074.54 points, and the market capitalisation retreated by N959 billion to N149.888 trillion from N150.847 trillion.
Investor sentiment remained weak after a negative market breadth index, as there were 21 price gainers and 34 price losers.
Aradel and Deap Capital went down by 10.00 per cent each to N1,575.00 and N4.05, respectively. Trans-Nationwide Express fell by 9.90 per cent to N3.64, Regency Alliance slipped by 9.57 per cent to N85 Kobo, and C&I Leasing dipped by 9.48 per cent to N28.12.
Conversely, Red Star Express grew by 9.60 per cent to N24.55, Legend Internet expanded by 9.09 per cent to N6.00, Neimeth appreciated by 7.10 per cent to N8.30, Abbey Mortgage Bank rose by 5.45 per cent to N8.70, and Ellah Lakes improved by 4.65 per cent to N9.00.
Yesterday, market participants traded 393.7 million equities valued at N19.2 billion in 45,813 deals compared with the 488.1 million equities worth N20.9 billion transacted in 46,239 deals recorded a day earlier, implying a shortfall in the trading volume, value, and number of deals by 19.34 per cent, 8.13 per cent, and 0.92 per cent, respectively.
The most active stock for the session was Access Holdings with a turnover of 39.1 million units worth N896.2 million, Chams traded 24.5 million units valued at N96.5 million, Fidelity Bank sold 24.1 million units for N436.9 million, Sterling Holdings exchanged 23.8 million units valued at N182.2 million, and Zenith Bank transacted 18.9 million units worth N2.1 billion.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn