Transactions through E-payment channels rise to N29.93trn in June

Transactions accross electronic payment channels in the country rose significantly to N25.93 trillion. The amount represents a growth of 11.45 per cent compared with N23.37 trillion reported in the month of May this year.

An analysis of the transactions thriugh e-payment showed that NIP recorded the highest, accounting for payment worth N23.726 trillion against N21.246 trillion reported in the preceding month, NETF followed with account of N1.437 trillion rising from N1.269 trillion achieved in May 2021 while payment executed through cheque rose to N263.66 billion in June from N246.62 recorded in the previous month.

Managing Director Financial Detivatives Company Limited, Bismarck Rewane while speaking at LBS Executive Breakefast on the economic scorecard and outlook for July/August said value of transactions expected to continue to rise towards N30 trillion in the third quarter as economic activities increases.

He said that Nigerian Banks are struggling to meet short term liquidity commitment, adding that significant increase in standing lending facility from 113 per cent growth to N105 billion in May 2021 was driven by scarcity of foreign exchange as banks were unable to meet their payment Obligations.

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