The Nigeria Interbank Settlement System (NIBSS) has said Nigerians withdrew N4.7 trillion through Automatic Teller Machines (ATMs) in 2016.
The report indicated that the value of ATM cash withdrawals rose by 22.5 percent to N4.7 trillion from N3.97 trillion in 2015.
President Bank Customers Association of Nigeria (BCAN), Dr. Uju Ogubunka said the figures showed that Nigeria is still a cash driven economy.
“Nigeria is still a cash-driven society. People are spending from their savings since there is no business and salaries are being owed. It is bad for the economy as investible fund is being depleted.”
The report also revealed that Nigerians spent N132.36 billion on online transactions in 14 million transactions.
63.7 million transactions worth N759 billion were made through point of sale (PoS), while 47 million mobile payment transactions worth N756 billion were conducted through the 21 licensed mobile payment operators.