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E-payment transactions in Q1 2021 rise 82% to N66trn
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Account maintenance fees up 60% to N30.9bn
By Babajide Komolafe & Elizabeth Adegbesan
Nigeria’s financial system has recorded further surge in the value of electronic payment (e-payment) transactions to N65.6 trillion in the first quarter of the year (Q1’21) indicating a whopping 82 percent Year-on-Year, YoY, increase from N36.02 trillion in the corresponding period of 2020 (Q1’2020).
Industry analysts have indicated that the development is connected to remote transactional relationship imposed on businesses and the general public by COVID-19 protocols which has already created a new normal in financial transaction.
Data on the four major e-payment channels released by the Nigeria Interbank Settlement System (NIBSS) shows that the surge is driven by a 80 per cent YoY increase in volume of transactions to 54.07 billion in Q1’21 from 30.04 billion in Q1’2020.
Views: Visits 16 Banks grow e-payment income by 51% to N53bn Account maintenance fees up 60% to N30.9bn By Babajide Komolafe & Elizabeth Adegbesan Nigeria’s financial system has recorded further surge in the value of electronic payment (e-payment) transactions to N65.6 trillion in the first quarter of the year (Q1’21) indicating a whopping 82 percent Year-on-Year, YoY, increase from N36.02 trillion in the corresponding period of 2020 (Q1’2020). Industry analysts have indicated that the development is connected to remote transactional relationship imposed on businesses and the general public by COVID-19 protocols which has already created a new normal in financial transaction. Data on the four major e-payment channels released by the Nigeria Interbank Settlement System (NIBSS) shows that the surge is driven by a 80 per cent YoY increase in volume of transactions to 54.07 billion in Q1’21 from 30.04 billion in Q1’2020.
Vanguard News
FOREX: Turnover in I&E window falls 82% to $3.7bn
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By Babajide Komolafe & Elizabeth Adegbesan
The volume of dollars traded (turnover) in the Investors and Exporters (I&E) window of the foreign exchange (FOREX) market fell year-on-year (YoY) to $3.7 billion in the first quarter of this year (Q1’21) from $20.49 billion in Q1’2020.
However, while the YoY trend shows a huge decline, the Month-on-Month, MoM, trend in the first quarter of this year is showing a steady rise.
Financial Vanguard analysis of transactions in the window as published by FMDQ showed that on a monthly basis, the turnover stood at $906.44 million in January 2021 from where it rose by 43 percent to $1.3 billion in February. The upward trend continued in March rising by 15 percent to $1.5 billion.
Forex: Turnover in I&E rises 43% to $1 3bn in February
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