Cheque Transactions Decline By N550bn As E-platforms’ Preference Rises

Between January and December last year, the total value of transactions by cheques declined by N550bn from N5.03tn to N4.48tn.

The figures are contained in the electronic payment report obtained from the Central Bank of Nigeria.

In terms of the volume of transactions by cheques, the figure also dropped from 9,019,278 recorded in 2018, to 7,275,237 in 2019.

Experts attributed the drop in cheque transactions to preference by people for the use of electronic payment platforms due to the ease and speed of transactions.

The report also said the total value of electronic transactions carried out through various platforms rose from N17tn to N150.77tn in 2019.

The N17tn represents an increase of 13 per cent over the N133.63tn recorded in the 2018 financial period.

The report put the volume of transactions in 2019 at 2.95 billion, noting that this is higher than the 2.073 billion recorded in 2018.

In terms of transactions through Point of Sale terminals, the report put the transactions across the country last year at N3.205tn.

This, it stated was recorded through 438,614,182 transactions.