Business
NIP Records Increase In Volume Transactions
The Nigerian Interbank Settlement System (NIBSS), says the NIBSS-Interbank Payments (NIP) recorded an increase in the volume of transactions in the first quarter of 2019 over transactions made through cheques.
NIBSS stated this in its NIP and cheques volume and value of transactions report for January to April.
The report added that NIP transactions dominated the volume of transactions recorded in the quarter with 3.207 billion transactions valued at N32.4 trillion.
Compared to the first quarter of 2018 which had 1.918 billion transactions valued at N23.821 trillion, the value of transactions in the first quarter of 2019 increased by N8.622 trillion and in volume by 1.289 million.
Meanwhile in the same quarter, the volume of cheque transactions stood at 2.643 million and valued at N1.532 trillion, much lower than the 3.213 million valued at N1.751 trillion recorded in the same quarter of 2018.
The report indicates that NIP, an account-number based, online-real-time Inter-Bank payment solution developed in 2011 by NIBSS, is becoming the Nigerian financial industry’s preferred funds transfer platform.
Nigerian banks have also made the service available to customers through various channels like internet banking, bank branch, Kiosks, mobile apps, Unstructured Supplementary Service Data (USSD), Point of Sales (POS) and Automated Teller Machine (ATM).
Business
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Business
Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
Business
PHCCIMA Leadership Hails Rivers Commerce Commissioner for Boosting Business Ties …..Urges Deeper Collaboration to Ignite Economic Growth
