The value of electronic payment transactions fell by 13 percent, quarter-on-quarter, to N34 trillion in the first quarter of 2019 (Q1’19), reflecting the impact of the general elections on economic activities during the quarter.
Also reflecting lull in economic activities during the quarter, banks’ credit to the private sector recorded sluggish growth of 0.52 percent to N15.21 trillion in Q1’19. National Bureau of Statistics (NBS) disclosed these in its Selected Banking Sector Data report for Q1’19.
The report showed that the Nigerian Interbank Settlement System, NIBSS, Instant Payments (NIP) dominated the volume of transactions recorded in Q1’19 with a transaction volume of 232.8 million, valued at N24.17 trillion. On quarterly basis, the value of NIP transactions rose by 3.0 percent during the quarter from N23.57 trillion in Q4’18.
Further analysis showed that the value of cheque transactions declined by 8.0 percent to N1.2 trillion from N1.3 trillion in Q4’18. Similarly, value of Automated Teller Machine (ATM) dropped by 12 percent to N1.5 trillion from N1.7 trillion in Q4’18.