BUSINESS and FINANCE

6.2 tn Paid By Cheques

13.46 million Cheques which are worth N 6.2 trillion naira were processed by the banking sector for the year ended 2015. Figures obtained from the Nigerian Interbank Settlement system indicates that the use of cheques improved in the country in during the past fiscal year.

The Nigerian interbank settlement system is a body that was set up by the central bank of Nigeria and the main objective of the body is to streamline the settlement mechanisms and inter-bank payments in the country as well as promote electronic payments. NIBSS gives out electronic data sheet, which indicates the amount of money paid during the period for the year ended 2015. The month of March recorded the highest use of the medium with cheques worth N 565.14 billion used during this period. The reports indicate that the least period in which cheques were used was in the month of September and cheques worth N 482.31 billion were transacted during this period. The months of April, February and January recorded N 510.42 billion, 548.12 billion, and N 541.06 billion respectively.

The report also shows that the month may the sector recorded a sum of N 487.93 billion, august N 483.6 billion, July N 533.05 billion, and June N 542.08 billion were transacted during this period. The breakdown showed that the volume of cheques used during this period accumulated in the twelve months summed to a total of 1.13 million cheques. In the months of September 1.14 million were issued, august 1.17 million , July 1.33 million, 1.14 million cheques in June and 1.01 million cheques were issued in the month of May.

The executive director of NIBSS Mrs. Christabel Onyejekwe indicated that the company was working on improving electronic payments in the country through public awareness programs and other avenues that will promote business in the country. An improvement in the use of electronic payment will help reduce cash transactions in the country. In the last month of the financial year there were eighteen million transactions and this was the highest recorded in this period. The growth on point of sale machines and other avenues for making payments improved the number of transactions exponentially.

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