According to an economic report released by Central Bank of Nigeria (CBN), the growth registered by this kind of transactions has led to a decrease in the use of cleared cheques. Data shows that, during the period under review, the volume and value of cleared cheques have declined by 12.1 and 13.5 percent, respectively.
Research on various e-payment channels for the same period points out that Automated Teller Machine (ATM) have remained the most preferred ones, accounting for 96.4 percent, followed by mobile payments with 1.3 percent and POS terminals with 1.2 percent. The online channel was the least patronised, accounting for only 1.1 percent of total e-payment transactions.
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