The Central Bank of Nigeria says the migration of the Federal Government Ministries, Departments and Agencies to the Treasury Single Account has led to positive growth in the value and volume of transactions recorded in the end to end payments in 2017.
The bank made the assertion in the 2017 Annual Activity Report released by its Banking and Payments System Department on its Website. It also attributed the growth to the rise in the number of MDAs’ accounts migrated to the TSA.
The CBN said that the value of transactions recorded at the period reviewed stood at thirteen-point-five-three trillion naira from the ten-point-six-five trillion naira in 2016, representing an increase of twenty-seven-point-zero-one per cent.
The apex bank also said that volume of transaction grew with an increase of three-point-eight-four per cent to record thirty-nine-point-seven million in 2017 as against the thirty-eight-point-two-four million naira recorded in 2016.