As the cashless economy sustain momentum, the value of cheque transactions in Nigeria fell month-on-month (MoM) by 12 per cent to N240 billion in July from N274 billion in June.

Disclosing this in its Industry Statistics for July 2022, the Nigerian Interbank Settlement System (NIBSS) also said the volume of transactions on cheque fell by 13.7 percent to 302, 040 from 350,425 in June.

Transactions through cheque began a sharp decline in 2020 as most bank customers and businesses took to adopting cashless transfers through electronic payment channels to reduce physical contacts due to the covid’19 pandemic.

According to NIBSS, the value of cheque transactions stood at N1.77 trillion in the first 7 months of this year, representing a 3.8 percent year-on-year (YoY) decline when compared to N1.84 trillion recorded in the first 7 months of 2021.

Similarly, the volume declined YoY by 7.6 percent to 2.4 million in the first seven months of 2022 from 2.6 million in the first seven months of 2021.

However, the volume and value of transactions performed through other e-payment channels rose during the period.