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Cleared Cheques Drop to N10.081tn

11 Dec 2012

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ATM Cards

The value of cleared cheques decreased by 13.5 per cent to N10.081 trillion as at June 2012, from N11.658 trillion in the comparable period of 2011, the Central Bank of Nigeria (CBN) has said.

The apex bank also disclosed that in a report that the volume of cleared cheques decreased by 12.1 to 18.155 billion in the first six months of the year, compared to the 20.663 billion it was last year.

This was attributed to the increased use of electronic channels.
Also, it stated that the value of electronic card (e-card) transactions rose by 32.8 per cent to N1.015 trillion in the first half of 2012 from N764.14 billion in the first half of 2011, while the volume increased from 167,962,665 in the first half of 2011 to 185,078,223 in the period under review.

It added: “Data on various e-payment channels for the period under review indicated that Automated Teller Machine (ATM) remained the most patronised, accounting for 96.4 per cent, followed by mobile payments with 1.3 per cent and Point of Sale (PoS) terminals, 1.2 per cent. The web (internet) was the least patronised, accounting for only 1.1 per cent of total e-payment transactions.

“In value terms, ATM accounted for 90.8 per cent; PoS, 2.5 per cent; the web (Internet), 4.9 per cent; while mobile payments accounted for 1.8 per cent. The number of ATMs stood at 10,221 as at end-June 2012.
“The volume of ATM transactions amounted to 178,421,736 compared with 164,755,055 in the first half of 2011, and represented an increase of 8.3 per cent,” it added.

Tags: Business, Nigeria, Featured, Cleared Cheques, N10.081tn

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