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Banks process cheques worth N4.69tn in nine months

By on January 20, 2016

The banking sector processed 10.06 million cheques worth N4.69tn in the first nine months of 2015, figures obtained from the Nigerian Interbank Settlement System have revealed.

The NIBSS stated this in its electronic payment fact sheet covering January to September 2015, a copy of which was obtained by our correspondent in Abuja on Monday.

The fact sheet contains the latest statistics to be released by the NIBSS on activities in the banking sector

It stated that the 10.06 million cheques, when spread over the period, translated into 36,873 cheques per day, while the value of N4.69tn translated into N461,690 daily.

Out of the 10.06 million cheques processed within the period, the report stated that 5.20 million corporate cheques valued at N3.22tn accounted for the bulk of those processed.

Individual cheques followed with 2.38 million worth the sum of N800bn.

In the area of electronic funds transfer, the report stated that 22.08 million transactions worth N10.02tn were conducted through the payment channel in the nine-month period.

This, it noted, translated into an average daily transaction volume of 80,681 valued at N463,163.

In terms of bank customers, the report put the total number of bank accounts as at the end of September at 82.58 million, noting that out of this figure, about 56.68 million accounts were active.

A breakdown of the figures shows that 22.60 million bank customers are operating current accounts, while 57.3 million are savings account holders.

The report also puts the average number of bank accounts that are opened monthly at 1.1 million.

In the area of mobile money operations, the report added that 15.15 million transactions valued at N159bn were conducted by 3.30 million customers during the period under review.

[Punch]