By James Emejo
A total volume of 3,464,811,083 transactions worth N356.47 trillion was recorded on electronic payment channels in the fourth quarter of 2020 (Q4 2020), the National Bureau of Statistics (NBS), stated yesterday.
Also, banking sector’s non-performing loan portfolio increased by 15.69 per cent to N1.23 trillion with gross loans of about N20.48 trillion in Q4 compared to N1.17 trillion and gross loans of N19.46 trillion in Q3.
According to the ‘Selected Banking Sector Data: Sectorial Breakdown of Credit, e-Payment Channels and Staff Strength (Q4 2020)’ report, posted on the NBS website, online transfers dominated the volume of transactions with over 2.23 billion deals valued at N120.27 trillion in the review period.
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incentivizing users to receive money through banks by giving them â¦5 for every $1.
In the last few years, the Central Bank of Nigeria (CBN) has been in a war to keep the exchange value of the naira stable against the dollar. Between 2015 and 2016, this task was easy because oil prices were stable and it pegged the official rate at $1 to N360.
But a lot has changed since then with record low oil prices, two recessions and at least three stealthy devaluations of the Naira. The reality is that rising demand for the dollar is putting pressure on the Naira but the CBN remains opposed to the markets determining the FX rates.
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Introduction
The Central Bank of Nigeria’s (CBN) recently released the Regulatory Framework for Open Banking in Nigeria, a document which the apex bank believes will provide an enabling regulatory environment that will eventually trigger the provision of innovative and customer-centric financial services in Nigeria, define risk-based data access levels and services through the safe utilisation and exchange of data and services, outline baseline and standards for data exchange among financial services sector participants while guiding operators in the handling of attendant risks and also promote healthy competition in banking.
The CBN’s positioning in the past three years especially with regards to how easy they have endorsed disruption in the market makes this inevitable.