The Covid-19 pandemic has reshaped payment patterns in the Nigerian banking system as electronic transactions hit a record N356.47trn in the fourth quarter of last year, official data says.
This was revealed by the National Bureau of Statistics through its banking sector report for the fourth quarter of last year.
NBS said a total volume of 3.46 billion transactions valued at N356.47trn was recorded in Q4 2020.
This is an impressive rise from the N48.54trn recorded in the fourth quarter of 2019 from 893.7 million transactions. This is 634.38 per cent increase year-on-year in the value recorded.
The Covid-19 pandemic had last year reshaped payment patterns as most bank branches were shut down, while customers were left with options of online and electronic transactions.
Nigerian in March directed a three months lockdown which accelerated the shift from cash and cheque transactions to digital payments.
The transactions details revealed that online transfers dominated the volume of transactions with a total 2,227,449,949 volume of Online Transfer transactions valued at N120.27trn recorded in the fourth quarter of 2020.
Real-time Gross Settlement transfers was worth N112.95trn from 1,473,983 transactions, while National Electronic Funds Transfer was valued at N96.1trn in the fourth quarter with a total volume of 47,257,928.
Total volume of ATM transactions was 455,259,043 and valued N4.54trn, while Point of Sales transaction was valued N1.52trn with a volume of 214,849,612.
The total volume of Unstructured Supplementary Service Data transfers was 145,581,469 worth N1.63trn, while Mobile App Transfers (not mobile money) was worth N9.92trn recorded in 124,163,183 transactions.
The data further showed Direct Debits of N500bn from 927.1m transactions and Mobile Money Operations worth N4.82trn in 242,302,401 transactions were recorded during the period.
Cheque transaction during the period was worth N4.2trn in 5,546,413 transactions despite the huge rise in total transactions.