As the cashless economy grows, the value of cheque transactions in Nigeria decreased month over month (MoM) by 12% to N240 billion in July from N274 billion in June.
The Nigerian Interbank Settlement System (NIBSS) revealed this in its Industry Statistics for July 2022, along with the fact that the number of transactions made via check decreased by 13.7% from 350,425 in June to 302, 040.
What’s happening
The value of cheque transactions, according to NIBSS, was N1.77 trillion in the first seven months of this year, a 3.8% decrease year over year (YoY) from the N1.84 trillion recorded in the first seven months of 2021. Similarly, from 2.6 million in the first seven months of 2021 to 2.4 million in the first seven months of 2022, the volume decreased YoY by 7.6%.
Due to the COVID-19 epidemic, most bank clients and businesses started using cashless transfers through electronic payment channels in 2020, which resulted in a dramatic reduction in check transactions.
However, other e-payment channels saw an increase in volume and value of transactions throughout the time period.