ADVERTISEMENT

E-payment drops by 44.86 per cent to ₦90.93 billion amid CBN's cashless drive

E-payment drops by 44.86 per cent to ₦90.93 billion amid CBN's cashless drive

According to the Nigeria Inter-Bank Settlement System, NIBBS, transactions using e-bills have been on a steady increase since February 2020 when the figures stood at 78.38 billion.

Further analysis also showed that the value of e-bills transactions Year-on-Year, YoY, rose to 161.87 billion in February 2021 and 218.80 billion in February 2022.

The recent drop recorded in February 2023 signifies a two-year low for E-bill payments.

The CBN’s decision to introduce the naira redesign policy and new withdrawal limits had brought in hopes of strengthening the apex bank’s cashless drive as it was meant to halt the excess circulation of cash.

ADVERTISEMENT

The follow-up statement by the apex bank which announced the withdrawal limit stated that “Customers should be encouraged to use alternative channels (Internet banking, mobile banking apps, USSD, cards/POS, eNaira, etc.) to conduct their banking transactions.”

The policy, however, failed to make the needed impact as cashless transactions slowed down instead of witnessing the expected increase.

This was confirmed by the National President, the Association of Mobile Money and Bank Agents in Nigeria, Victor Olojo, as he noted that the CBN policy caused a decline in the country's economic growth as the cash crunch caused many operators in the online money industry, mostly Point of Sales, PoS Operators to shut down their businesses.

The policies depressed the economy and affected business activities. Many businesses were not able to run optimally. Many things were affected, and the rippling effect was well felt too”.

“Also, PoS agents which are crucial to e-Bills did not open their stalls too, which impacted e-bills. Many of the agents who could have helped, did not open and were out of business, which led to this reduction.” Olojo added.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Choosing the perfect garden hose for UK gardens

Choosing the perfect garden hose for UK gardens

Businesses that received COVID-19 loans yet to repay over ₦261bn years later

Businesses that received COVID-19 loans yet to repay over ₦261bn years later

10 African countries that waste the most food in 2024

10 African countries that waste the most food in 2024

Isimi Lagos: Nigeria’s elite country home community valued at over $50m

Isimi Lagos: Nigeria’s elite country home community valued at over $50m

African Nations to dominate top 10 growing economies worldwide in 2024

African Nations to dominate top 10 growing economies worldwide in 2024

What does CBN recapitalisation mean for Nigerian banks? [Explainer]

What does CBN recapitalisation mean for Nigerian banks? [Explainer]

CBN raises commercial banks' capital base to ₦500bn

CBN raises commercial banks' capital base to ₦500bn

CoinGecko Reports 50% of Investors Choose Solana: Why crypto whales are moving $1m into new Solana meme coin Slothana

CoinGecko Reports 50% of Investors Choose Solana: Why crypto whales are moving $1m into new Solana meme coin Slothana

Naira falls against dollar by 0.7% on Thursday

Naira falls against dollar by 0.7% on Thursday

ADVERTISEMENT
ADVERTISEMENT