More Nigerians used ATM electronic banking In 2016, says NBS report

More Nigerians made large volume financial transactions through electronic means of banking in 2016, rather than using the conventional banking hall facility for payments, the National Bureau of Statistics (NBS) has said.

According to the bureau’s Selected Banking Sector Data for 2016 released on Friday, the use of Automated Teller Machine (ATM) has become a household phenomenon for financial transactions, even as it said that the process recorded trillions of financial transactions within the first, second, third and fourth quarters of 2016.

For instance, the bureau said that in Q1 2016, 124,790,186 ATM transactions were recorded with a total of N7.64t transaction values.

In Q2 however, the number of users of ATM increased to 136, 390, 687, with a total of N8.73t values of transactions.

In the following Q3, the trend continued with 153,167,033 transactions recorded via ATM electronic payment totaling N9.59t in value of transaction.

In Q4, the number of ATM users across was of 175,891,028 with a total of N12.15t value of cash transferred.

The bureau maintained that the ATM electronic payment means held sway all through 2016, culminating in the highest volume of means of transactions in the period under review.