According a report by NIBSS, Nigerian Interbank Settlement System, the banking sector processed a total of 13.46 million cheque transactions worth N6.19 trillion within January and December 2015.
The report also stated that the least amount of cheque transaction of N482.31bn was recorded in September, while March recorded the highest number of cheque transactions.
“Electronic payments have been growing significantly in Nigeria, and this is really encouraging.
“In December 2015, we recorded 18 million transactions for that month alone. This is significant because 15 million transactions used to be the highest.
“The growth in e-payment is interesting. For Point-of-Sale terminals, we have grown from just 5,000 active terminals in 2012 to 62,000 currently and this is very significant.”
The NIBSS was set up by the Central Bank of Nigeria and licensed commercial banks and discount houses in 1993 to help streamline inter-bank payments and settlement mechanisms and promote electronic payments in the country.