NIP Records Increase in Volume of Transactions by Cheques in Q1, Says NIBBS

The Nigerian Interbank Settlement System (NIBSS) has said that the NIBSS-Interbank Payments (NIP) recorded an increase in the volume of transactions in the first quarter of 2019 over transactions made through cheques.

NIBSS stated this in its NIP and cheques volume and value of transactions report for January to April.

The report added that NIP transactions dominated the volume of transactions recorded in the quarter with 3.207 billion transactions valued at N32.4 trillion.

Compared to the first quarter of 2018, which had 1.918 billion transactions valued at N23.821 trillion, the value of transactions in the first quarter of 2019 increased by N8.622 trillion and in volume by 1.289 million.

Meanwhile in the same quarter, the volume of cheque transactions stood at 2.643 million and valued at N1.532 trillion, much lower than the 3.213 million valued at N1.751 trillion recorded in the same quarter of 2018.

The report indicates that NIP, an account-number based online-real-time Inter-Bank payment solution developed in 2011 by NIBSS, is becoming the Nigerian financial industry’s preferred funds transfer platform.

Nigerian banks have also made the service available to customers through various channels like internet banking, bank branch, Kiosks, mobile apps, Unstructured Supplementary Service Data (USSD), Point of Sales (POS) and Automated Teller Machine (ATM). (NAN)