Value of e-transactions goes up in Nigeria

Dec 04, 2012

The electronic transaction market is continuing to expand at a healthy rate in Nigeria, officials have stated.

The electronic transaction market is continuing to expand at a healthy rate in Nigeria, officials have stated.

According to the Central Bank of Nigeria (CBN), the value of e-card transactions went up by 32.8 per cent throughout the first half of 2012, when compared with the same period of the previous year, reports Vanguard.

Much of this was fuelled by the growing use of Automated Teller Machines, which accounted for 90.8 per cent of market activity between January and June this year.

Meanwhile, figures showed that many are using POS terminals and mobile phones to spend money.

However, relatively few are making use of the internet, with just 1.1 per cent of overall e-payment transactions in the first half of 2012 carried out over this medium.

Nevertheless, the figures demonstrate how members of the public are increasingly embracing alternatives to cash in order to make purchases on a day-to-day basis.

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