ePayment Transactions Drop 9.33% to 121.94mn In January

Financial transactions were on the decline in January as funds transfers through mobile, Nigeria Inter Bank Settlement System Instant Payment (NIP) and transactions through point of sale terminals dropped compared to December 2015 figures.
Dara as released by NIBSS show that the volume of mobile transactions had dropped significantly from 134.49 million in December 2015 to 121.94 million transactions. The December figure was also lower compared to the 146.20 million financial transactions carried out in November 2015.
Year on year, 2016 January’s mobile transaction figure was better than January 2015 which recorded 51.68 million transactions. Value of transactions however rose slightly from N4.2 billion in December 2015 to N4.3 billion in January 2016.
In the same vein, the volume of transfers done via the NIP dropped from 8.33 million in December 2015 to 7.32 million by the end of January 2016. Year on year, the volume of NIP transfers had improved by 72.6 per cent when compared to the January 2015 transaction figure of 4.24 million.
Instant payment transfers value also dropped slightly from N2.39 trillion in December 2015 to N2.38 trillion. Point of sale transactions volume was also down to 3.59 million at the end of January 2016.
The volume of POS transactions for December 2015 had stood at 3.94 million as against January 2015 figure of 2.267 million. Value of PoS transacts so likewise dropped from N53.45 billion in December 2015.
Last January, bank customers had spent N46.65 billion via POS, lower than what they spent in December, but higher than N31.79 billion which they spent in corresponding period of 2015.

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