About N1.32 trillion values of transactions were carried through cheque truncation in the first three months of the year.

Cheque truncation is the conversion of a physical cheque into a substitute electronic form for transmission to the paying bank. Cheque truncation reduces or eliminates the physical movement of cheques and reduces the time and cost of processing the cheque clearance system.

E-payment facts sheet from the Nigeria Inter-Bank Settlement System Plc (NIBSS) showed that the N1.32 trillion values were processed from 2.48 million volumes of transactions.

Read: ATMS RECORD TRANSACTIONS WORTH N1.56BN IN Q1 – NBS

The statistics also revealed that on a daily basis, within the three months, there were 27,512 volumes of cheques with a mean value of N531, 838. The total volume of corporate cheques processed was put at 1.4 million with a value of N0.85 Trillion, while the volume of individual cheques processed was 0.55 million with a N0.21 Trillion value.

Meanwhile, through the Bank Verification Number (BVN), Nigerian banks have been able to link 45.1 million unique account owners. There are, however, 65 million active bank customers.

The total number of bank accounts in the country was put at 108.3 million, out of which 70 million are active. The statistics put the total number of current accounts at 24.2 million; saving accounts 81.1 million. There are 7.4 million corporate accounts and 99.3 million individual accounts.

In terms of web payment, there was 9.63 million volume of transactions valued at N60.74 billion from January to March.

Read: NIGERIAN BANKING SECTOR RECORDS TRANSACTIONS WORTH N32.48 TRILLION IN Q1, 2018 – NBS (INFOGRAPHICS)

Meanwhile, the total number of mobile money customers in Nigeria as of March 2018 stood at 1.50 million with 5,304 enrolled agents. The volume of transaction within this period was put at 15.25 million valued at N329.12 billion. There are 21licensed mobile money operators in the country and they are integrated to NIBSS for interoperability.

Unfortunately, after about five years of operation in Nigeria, mobile money has only been able to attract just one per cent penetration.

Unlike in Ghana and Kenya where penetrations have reached 40 per cent and 60 per cent respectively, only about two million of Nigeria’s estimated 198 million populations.

The implication of this is that despite the innovation that comes with it, Nigerians are yet to tap from the huge benefit it carries.

MMarketwatchers have argued that the model operated in Nigeria, which is bank-led, has not been able to impact the initiative in the country adequately. The Executive Vice Chairman, Nigerian Communications Commission (NCC), Prof. Umar Danbatta, at an interaction with journalists in Lagos, recently, lamented that mobile money is crawling at one per cent penetration in the country because it is bank-led.

According to him, another region, where the scheme is thriving has been because it was telco-led, “as such we need to re-direct our focus and ensure that appropriate model is adopted adequately.”

Danbatta said there should be effective cooperation among all the various stakeholders in the value chain that is the telecommunications operators, agents, CBN and the services providers too.

The NCC EVC revealed that discussions are on-going in the industry on how to get telcos to become super agents in the scheme of things.

“With the population, we have in the country, Nigeria should play big in the mobile money ecosystem in Africa. Only about one per cent that is about two million Nigerians is currently on the scheme. That is rather too poor. All hands must be on deck to revive that sub-sector of the economy.”

“If we are to improve on Nigeria’s digital landscape, we must revive the mobile ecosystem, which includes the mobile money scheme,” he stated.

SOURCE: https://brandspurng.com/cheque-transactions-in-nigerian-banks-hit-n1-32-trillion-in-three-months/

I that you that is reading this post will begin to receive cheques

Don't own one yet!


Used to show a real big man back in the days but not anymore

That's huge!

And we go talk say money no dey this country o

Na wa ooo... & we dey blame buhari

This is bad for our Economy.

Fucccckk all Nigerian lecturers, 95pcnt of dem are fooooooollssss

Hyinkar97:
And we go talk say money no dey this country o

, U must be very young or do not understand the concept, the amount is not the koko but the value.

erico2k2:

, U must be very young or do not understand the concept, the amount is not the koko but the value.

Sho mo age mi ni?

Hyinkar97:

Sho mo age mi ni?

Typical.

If you aren't part of the people who carried out the transaction then you are one of the lazy Nigerians

erico2k2:
This is bad for our Economy.

I am interested in your why(explanation)?

People still use cheques?

Olulizabeth:

I am interested in your why(explanation)?

cos its outdated, we are meant to be moving into invoices and wire transfer, not wasting manpower in submitting and clearing cheque

Lexusgs430:
People still use cheques?

M Guy the thing no tire you lol imagine and some people are even saying its good news, who ever works in that STAT office and decided to publish this need sack!

greatiyk4u:
If you aren't part of the people who carried out the transaction then you are one of the lazy Nigerians

See one here ahah

pathetic

stemmez:
Fucccckk all Nigerian lecturers, 95pcnt of dem are fooooooollssss

You can say that again boi

Regular and affordable electricity is a major component of the initiative. It is lacking in Nigeria. But for the Powerbank my phone is useless!

erico2k2:

M Guy the thing no tire you lol imagine and some people are even saying its good news, who ever works in that STAT office and decided to publish this need sack!

It would be good news for them, rather than adopt policies to enhance the cashless mantra, they simply just stick to old crude ways.....

And someone should not tell me that cheque enhances the cashless policies.....

Cheques are now dinosaurs in the banking world (albeit except in Nigeria).....

Lexusgs430:


It would be good news for them, rather than adopt policies to enhance the cashless mantra, they simply just stick to old crude ways.....

And someone should not tell me that cheque enhances the cashless policies.....

Cheques are now dinosaurs in the banking world (albeit except in Nigeria).....

, I remember when it was a means to show off

erico2k2:

, I remember when it was a means to show off

Means of payments have almost doubled, since the turn of the decade.....

Rather than adopt and roll out such and cut our minting cost of the naira.... They keep flooding our streets with cancer infected naira notes....

@embolden ....I thought one mobile money operator was claiming 8 million customers/users the other day ...story for another day.

Whether bank-led or telco-led, the truth is that Nigeria missed the party! Mobile money in Nigeria would have been impacted a lot of users if not for CBN's draconian policies. Mobile money actually originated out of the need to transfer funds quickly to the beneficiary at the remote end. At the onset of the GSM revolution in Nigeria, this was achieved through the sending of airtime recharge PINs to a beneficiary and the beneficiary 'redeems' the PIN less charges from mobile call centers .....that in a sense was mobile money but we killed it.

I still wonder which subscriber in Nigeria would be willing to save money on a telco's mobile money platform ....not with the way subscribers and telcos fight everyday over lost/missing/stolen airtime or data bundles or loss of signal, undelivered SMSes, fraudulent VAS deductions among many other issues. Interesting times ahead though

BrandSpurNG:
About N1.32 trillion values of transactions were carried through cheque truncation in the first three months of the year.

Cheque truncation is the conversion of a physical cheque into a substitute electronic form for transmission to the paying bank. Cheque truncation reduces or eliminates the physical movement of cheques and reduces the time and cost of processing the cheque clearance system.

E-payment facts sheet from the Nigeria Inter-Bank Settlement System Plc (NIBSS) showed that the N1.32 trillion values were processed from 2.48 million volumes of transactions.

Read: ATMS RECORD TRANSACTIONS WORTH N1.56BN IN Q1 – NBS

The statistics also revealed that on a daily basis, within the three months, there were 27,512 volumes of cheques with a mean value of N531, 838. The total volume of corporate cheques processed was put at 1.4 million with a value of N0.85 Trillion, while the volume of individual cheques processed was 0.55 million with a N0.21 Trillion value.

Meanwhile, through the Bank Verification Number (BVN), Nigerian banks have been able to link 45.1 million unique account owners. There are, however, 65 million active bank customers.

The total number of bank accounts in the country was put at 108.3 million, out of which 70 million are active. The statistics put the total number of current accounts at 24.2 million; saving accounts 81.1 million. There are 7.4 million corporate accounts and 99.3 million individual accounts.

In terms of web payment, there was 9.63 million volume of transactions valued at N60.74 billion from January to March.

Read: NIGERIAN BANKING SECTOR RECORDS TRANSACTIONS WORTH N32.48 TRILLION IN Q1, 2018 – NBS (INFOGRAPHICS)

Meanwhile, the total number of mobile money customers in Nigeria as of March 2018 stood at 1.50 million with 5,304 enrolled agents. The volume of transaction within this period was put at 15.25 million valued at N329.12 billion. There are 21licensed mobile money operators in the country and they are integrated to NIBSS for interoperability.

[b]Unfortunately, after about five years of operation in Nigeria, mobile money has only been able to attract just one per cent penetration.

Unlike in Ghana and Kenya where penetrations have reached 40 per cent and 60 per cent respectively, only about two million of Nigeria’s estimated 198 million populations.

The implication of this is that despite the innovation that comes with it, Nigerians are yet to tap from the huge benefit it carries.

MMarketwatchers have argued that the model operated in Nigeria, which is bank-led, has not been able to impact the initiative in the country adequately. The Executive Vice Chairman, Nigerian Communications Commission (NCC), Prof. Umar Danbatta, at an interaction with journalists in Lagos, recently, lamented that mobile money is crawling at one per cent penetration in the country because it is bank-led.

According to him, another region, where the scheme is thriving has been because it was telco-led, “as such we need to re-direct our focus and ensure that appropriate model is adopted adequately.”[/b]

Danbatta said there should be effective cooperation among all the various stakeholders in the value chain that is the telecommunications operators, agents, CBN and the services providers too.

The NCC EVC revealed that discussions are on-going in the industry on how to get telcos to become super agents in the scheme of things.

“With the population, we have in the country, Nigeria should play big in the mobile money ecosystem in Africa. Only about one per cent that is about two million Nigerians is currently on the scheme. That is rather too poor. All hands must be on deck to revive that sub-sector of the economy.”

“If we are to improve on Nigeria’s digital landscape, we must revive the mobile ecosystem, which includes the mobile money scheme,” he stated.

SOURCE: https://brandspurng.com/cheque-transactions-in-nigerian-banks-hit-n1-32-trillion-in-three-months/

money flowing

erico2k2:

M Guy the thing no tire you lol imagine and some people are even saying its good news, who ever works in that STAT office and decided to publish this need sack!

Its a process, we are gradually getting where we should, it might be slow but we will get there...

Ubiquity:

Its a process, we are gradually getting where we should, it might be slow but we will get there...

Are you serious, increase in cheque is moving backwards, it should be increase in card payment!.