Naira Scarcity Pushes E-Payment Transaction Up By 41%– Report
In view of the cash scarcity which has hit the country in recent times, citizens have turned to e-payment as a means of completing financial transactions.
E-payment usage has increased by 41.29 per cent since January, with 901.46 million uses in February against 638 million times in January.
According to new data from the Nigeria Inter-Bank Settlement System (NIBSS) on Monday, the value of cashless transactions have fallen to N37.67tn in February, most likely due to failed and delayed transactions.
This was a 4.83 per cent decrease from the N39.58tn that was recorded in January.
NIBSS is the major payment switch in the country which records cashless transactions from the Nigeria Instant Payment System and Point of Sales terminals.
Nigerian citizens have been battling with cash scarcity ever since the Central Bank of Nigeria announced its naira redesign policy and quick withdrawal limits.
“The maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations shall be N500,000 and N5m respectively.
“Customers should be encouraged to use alternative channels (Internet banking, mobile banking apps, USSD, cards/POS, eNaira, etc.) to conduct their banking transactions,” the apex bank said at the time.
This has proved difficult for the banking sector however, as the pressure in the volume of customers adopting electronic payment has overwhelmed them, leading to failed and stalled transactions.