Payment technology is giving the banks a run for their money. It has changed banking transaction the way it is traditionally known.

In Nigeria, bank customers are spending unprecedented sums through electronic payments.

According to a report by the Nigerian Interbank Settlement System, NIBSS, Nigeria’s electronic payment (e-payment) services, recorded transactions worth 56.85 trillion naira from January to September 2018.

The report showed an increase of 16.4 trillion naira when compared to the 40.45 trillion naira that was recorded in the corresponding period of 2017.

The report showed that most of the electronic transactions were done through the NIBSS Instant Payment (NIP), Point of Sale (PoS), Automated Transfer Machines (ATMs), Mobile Money, Electronic Bills Payment (E-Bills) and Web payments.

A breakdown of the report showed that ATMs transactions grew from 4.61 trillion naira in 2017 to 4.76 trillion naira at the end of the third quarter of 2018.

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Also, the volume of transactions on ATMs under the period in review grew from 560.86 million in 2017, to 650.06 million in 2018.

The report showed a rise of about 635 billion naira in the use of POS machines to carry out payments by Nigerians.

Under the review period, 98.73 million transactions worth 975 billion naira were carried out using POS in 2017, while in 2018, the volume grew to 196.83 million, valued at 1.61 trillion naira.

Similarly, the volume of transactions carried out by Nigerians, using mobile money rose from 795.18 billion naira in 2017, to 1.22 trillion naira as at September 2018.

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