E-transaction rose by N82.3tn in five years – CBN

The banking sector recorded an increase of N82.35tn in electronic transaction from N56.31tn in 2015 to N138.66tn in 2018, figures obtained from the Central Bank of Nigeria have revealed.

The cashless policy was first inaugurated in 2012, but was suspended in 2014 to allow more payment channels to be developed by Deposit Money Banks.

But the apex bank in a circular to Deposit Money Banks last week imposed three per cent processing fees for withdrawals and two per cent processing fees for lodgements of amounts above N500, 000 for individual accounts.

For corporate accounts, the apex bank in the circular said that the DMBs would charge five per cent processing fees for withdrawals and three per cent processing fee for lodgements of amounts above N3m.

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The apex bank had said the charges were introduced to drive development and modernisation of the country’s payment system in line with Nigeria’s vision 2020 goal of being amongst the top 20 economies by the year 2020.

The House of Representatives had on Thursday through a resolution directed the apex bank to suspend the policy.

However, the CBN Governor, Mr Godwin Emefiele, said if the Nigerian economy must compete effectively with those of developed countries, then a payment system that would encourage the use of other non-cash channels was desirable.

He said the bank had continued to provide alternative channels, adding that people had embraced it.

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An analysis of electronic payment statistics from the CBN showed that the Automated Teller Machine transactions rose from N3.97tn in 2015 to N6.48tn in 2018, while Point of Sale transactions rose from N448.5bn in 2015 to N2.38tn.

In the same vein, Web transaction rose from N91.58bn in 2015 to N404.6bn in 2019 while mobile money, Nigerian Instant Payment and E-bills pay channel rose from N442.35bn, N25.54bn and N217.42bn to N1.83tn, N80.42bn and N500.2bn, respectively.

Similarly, Remita payment channel moved from N6.2tn in 2018 to N18.49tn while central pay channel recorded an increase from N311.5m in 2015 to N8.1bn.

The apex bank boss had said if the CBN failed implement the cashless policy, credit cards owned by Nigerians might not be used abroad.

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