(Ecofin Agency) - An e-payment statistics for 2012-2016 released on Tuesday by the Central Bank of Nigeria (CBN) has revealed that the value of transactions through Instant electronic fund transfer, otherwise known as Nigeria Inter-Bank Settlement System Instant Payments (NIPs), increased from the N3.8 trillion in 2012 to N29.6 trillion in 2016, the highest amongst six other payment channels in Nigeria.

The other six channels are cheques, NIBSS Electronic Funds Transfer (NEFT), ATM, Point of Sale (PoS), Mobile money and the internet (WEB transfer).

The report which ranked the channels by their volumes and values of transactions said NIPs and ATM were the most favorable channels, in terms of alternative cash settlements. According to the report, in terms of volumes, the ATM recorded the highest growth with 471million, followed by NIPs with 111million, over the period considered.

However, in terms of values, NIP recorded the highest growth (N25.8 trillion) followed by Mobile money (N557.5billion), the same year. Others are; PoS – N570 billion, Web transfer – N101 billion, NEFT – N12.2billion, Cheques – N4.7 billion and ATM – N4billion.

Anita Fatunji