Connect with us

E-Financial

PoS Payments Hit 65%, Transactions Valued N651Bn- NIBSS‎

Published

on

Kindly share this post

The value of transactions through point of sales (PoS) payments  increased significantly by 65% to N651.37 billion in 11 months.

The figure which represents transactions from January to November 2016, almost doubles the N395.05 billion recorded in the corresponding period of 2015, data gathered from the Nigeria Interbank Settlement System Plc (NIBSS) revealed.

NIBSS data showed that with N81.15 billion, November 2016 recorded the highest value of transactions. In November 2015, a total of N40.25 billion transactions were recorded.

A breakdown of the value of PoS transactions in 2016 showed that in January, activities by individuals and corporates through this form of electronic payment system was N46.65 billion, whereas January 2015 was N31.8 billion.

All the months recorded significant increases over 2015.

In February 2016, the value of transactions was N46.14 billion (N30.97 billion  2015); March 2016 was N51.96 billion (N33.54 billion 2015); April 2016  N53.28 billion (N34.63 billion in 2015). In  May 2016, the value was  N55.29 billion (N35.93 billion). The N55.29 billion recorded in June 2016 was also much higher than the N34.01 billion recorded in 2015.

NIBSS data also showed an upward swing to N59.4 billion, in July. It was N35.84 billion in July 2015.

Transctions in  August last year totalled N64.11 billion, as against the N35.84 billion in August 2015; N66.44 billion as at September 2016, compared with the N39.61 billion recorded in the comparable month in 2015; and N71.81 billion in October 2016, up from the N41.25 billion it was as at October 2015.

The Central Bank of Nigeria (CBN) had introduced the cash-less policy with a view to significantly reduce the volume of cash-based transactions, and PoS was one of the tools to achieve this objective.

The policy was introduced for a number of key reasons, including to drive development and modernisation of the payment system in line with Nigeria’s vision 2020 goal of being amongst the top 20 economies by the year 2020.

This is because an efficient and modern payment system is positively correlated with economic development, and is a key enabler for economic growth.

The policy was also expected to reduce the cost of banking services (including cost of credit) and drive financial inclusion by providing more efficient transaction options and greater reach; improve the effectiveness of monetary policy in managing inflation and driving economic growth, as well as to curb some of the negative consequences associated with the high usage of physical cash in the economy.

As part of efforts to encourage Nigerians to widely make use of electronic payment systems, the Central Bank of Nigeria (CBN) had introduced an awareness campaign for electronic payment users.

The scheme known as “Electronic Payment Incentive Scheme (EPIS)” was carried out by the CBN and the NIBSS. The scheme’s primary focus was to reward users of electronic payments platforms in Nigeria and to further encourage greater usage of PoS and other e-payment channels.

The scheme also permitted merchants to provide cash back services to cardholders following a purchase.

This served as an incentive for merchants to earn a fee for providing a value-added service cash-out services to customers following a purchase of goods/services from their stores.

Ade Shonubi, chief executive officer of NIBSS, had said the reward scheme was introduced to encourage people to use their cards at places other than the ATMs.‎


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Advertisement
Comments

E-Financial

Access Bank Unveils DiamondXtra Season 16, Dangles N200m, 3 SUVs

Published

on

Kindly share this post

The sixteenth season of DiamondXtra, a savings and reward account where customers of Access Bank are rewarded with several prizes, have been unveiled in Lagos.

Access Bank Unveils DiamondXtra Season 16, Dangles N200m, 3 SUVs

 L – R : Doris Okpara, Product Manager, DiamondXtra; Ngozi Igboanugo, Regional sales Manager Festac 1&2 & mainland Access Bank; Bolarinwa Animashaun, Regional Sales Director Lagos 2 Access Bank ; Emeka Ezikeugo, Diamondxtra N200,000 Onsite winner; and Adaeze Ume, Head Consumer liabilities, Access Bank during the launch of Diamondxtra Season 16 held at Alaba International Market Lagos yesterday.

The Season 16th of the special interest yielding hybrid account which allows deposit of both cash and third-party cheques has been upgraded as customers will win prizes to the value of N200 million and three SUVs, amongs other mouthwatering prizes.

Speaking at the unveiling in Alaba International Market, Lagos, Mr Bolarinwa Animashaun, regional sales director, Lagos, said the new season will bring more goodies to the customers as the bank has taken their interest at heart.

“In the last fifteen years, we have been able to ensure customer loyalty, reward committed customers over time and show that we are a bank that is ready to empower people and partner with people.

“If I take it into specific figures, we have rewarded 26,696 customers and we’ve given a total sum of N6.5 billion over the period.

This Season16is interesting, because, we have seen a lot of opportunities to expand into digital opportunities and this time around, we will be rewarding 15,786 customers, and 10,000 of them will be digitally rewarded.

“This is almost half of what we have done over the last 15 years. So that is what is making it special. We have takenit into the possibilities of how technology can expand our business and reward customers”.

The draws for the new season are going to be the same like the previous ones as it will be held in different regions.

“So, we start from the monthly draws, quarterly draws and the annual draws. What makes it extremely interesting this year is that we will be rewarding with up to N200 million in prizes and we have added some very interesting gifts. We will be given out three SUVs as part of the N200 million price for this year”, Animashaun added.

At the unveiling, Access Bank conducted onsite draws where 48 customers who have DiamondXtra accounts and were present at the unveiling won cash prizes ranging from N20,000 to N200,000.

Breakdown shows 40 customers won N20,000 each, five customers won N50,000, two customers won N100,000, while one customer went home with N200,000.

Among winners of the N20,000 prize was Mr Victor Edobor, who said he opened the DiamondXtra accounts 24-hours before the draws.

One of the two winners of the N100,000 prize, Mrs. Maureen Nneka Oforka, said she was surprised to have won at the well-attended event as that was her first time winning any prize.

She said, “I have never won any prize in my life. This is my first. I came here reluctantly and thank God, I am here and I am a winner of N100,000 which has already been paid into my account.

The grand prize winner of N200,000, Mr. Emeka Ezikeugo, a trader in Alaba, said. “I will forever be grateful to Access Bank for the prize as I was not expecting it. I thank the bank for showing leadership among its peers”.

To be part of the winning train and qualify for the DiamondXtra season 16 which is open to both new and existing customers, new customers are required to open a DiamondXtra savings account with just N5,000 by dialling *901*5# or walking into one of our branches to open the account.

However, the more multiples of N5,000 both new and old customers save, the higher their chances of winning at the monthly, quarterly and annual draws.

DiamondXtra is an interest yielding hybrid account which allows deposit of both cash and third party cheques. Hybrid means a combination of both savings and current account features. The DiamondXtra reward scheme has given away over N6.5 billion in cash and household items to over 15,000 loyal customers over the last 15years.  Please click HERE to learn more.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Kindly share this post
Continue Reading

E-Financial

Lafarge Africa Launches Girls-in-Tech Programme to Empower Women Innovators

Published

on

Kindly share this post

Recognising the underrepresentation of women in the technology sector, Lafarge Africa Plc, has launched the Girls in Tech Program, a pioneering initiative aimed at empowering young women in technology.

Meticulously crafted to bridge the gender gap in tech and empower 10 young females between the ages of 18-25 years from Lafarge Africa Host communities in Cross River State, the program is poised to make a significant impact in the region.

The Girls in Tech Program seeks to harness the unique talents of these young women and introduce them to the dynamic world of technology. By providing them with essential skills and opportunities, the initiative aspires to equip them to become self-reliant as well as problem solvers in society.

In collaboration with Aptech and Arena Multimedia,globally recognized leaders in technology incubation and opportunity, as well as The Bridge Leadership Foundation, the boot camp promises to be a transformative experience for the participating girls, who are eager to make their mark in the tech industry.

Speaking during the onboarding to flag-off in Calabar recently, the Plant Manager, Lafarge Africa Plc, Sotirios Valsamakis, who was represented by the Human Resources Business Partner, Lafarge Africa Plc; Barong Ita, revealed that the program was in line with the company’s commitment to diversity and inclusion.

She also added that the initiative is designed to ignite a spark of inspiration, hope, and possibilities in the heart of the selected girls across the host communities.

“As an organization, people are an integral part of our sustainability drive, and we are invested in building lasting progress by empowering members of our host communities. We also recognize the need for greater and greener diversity and inclusivity within the tech sector.”

Today’s event is not just about launching a program. It is about igniting a spark of inspiration, hope, and possibilities in the hearts of these young women. It is about challenging stereotypes.”

Also speaking at the event, the Cross Rivers State Commissioner for Science, Innovation & Technology, Justin Beshel represented by Edwin Adie, Technical Senior Advisor, Cross Rivers State Ministry of Science & Technology commended Lafarge Africa for the initiative adding that it is in line with the State government’s plan towards science, technology and innovation development.


Kindly share this post
Continue Reading

E-Financial

Hydrogen, CCHub Partner to Encourage Fintech Startup Success

Published

on

Kindly share this post

As the country faces economic challenges, the need for adaptive strategies in the fintech industry becomes paramount. In line with this, leading Fintech startup, Hydrogen Payment Services Limited (‘Hydrogen’), has teamed up with Co-creation Hub (‘CcHub’) to host an insightful event themed, ‘Adapting Fintech Business Models to Economic Climes’.

The event, set to take place on Thursday, April 18, 2024, from 12:00 WAT at the CcHub office in Sabo, Lagos, will delve deep into the intricacies of Nigeria’s economic challenges and how these influence the fintech ecosystem.

Participants will gain actionable insights on how to adapt fintech business models to volatile economic conditions by prioritising flexibility, agility, and customer-centricity.

This collaboration underscores the shared commitment of both entities to empower aspiring founders venturing into the Fintech space amidst economic uncertainties.

By leveraging their respective expertise and resources, Hydrogen and CcHub aim to equip emerging entrepreneurs with the knowledge, tools, and support needed to thrive in today’s dynamic economic conditions.

Emeka Awagu, Chief Technology Officer at Hydrogen, commented on the strategic partnership with CcHUB: “Our alliance with CcHUB amplifies our shared commitment to pioneering transformative solutions in Nigeria’s fintech sector.

“By leveraging Hydrogen’s technological expertise alongside CcHUB’s innovative approach, we are primed to set a new standard for fintech excellence and drive impactful change across the industry.”

The event will feature a distinguished panel of industry experts and thought leaders, including, Ina Alogwu, Group Director, Digital Transformation, ARM HoldCo; Emeka Awagu, Chief Technology Officer, Hydrogen, and Miracle Ezechi, Digital Marketing Manager, Hydrogen.

The panel discussion will be moderated to encourage an engaging and insightful conversation on the strategies and innovations required to thrive in Nigeria’s Fintech landscape amidst economic challenges.


Kindly share this post
Continue Reading

Trending