Total of 13.46 million cheques worth N6.19 trillion were processed by banks in 2015

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February 29, 2016 1:09 PM

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.

Total of 13.46 million cheques worth N6.19 trillion were processed by banks in 2015

According a report by

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.

Read: Central Bank to award banks, merchants for contribution in cashless programme

Christabel Onyejekwe, Executive Director, Business NIBSS during an interview with Journalist stated that in order to improve the electronic payment platform, they were working hand in hand with CBN.

“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.”

Read: 4 banks sanctioned last year for not complying to e-payment directive

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.

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