By NBF News

The Nigeria Inter-Bank Settlement System Plc, NIBSS, said it cleared cheques valued at N8.20 trillion between July 2010 and June 2011.

Speaking at the Annual General Meeting of the company in Lagos, Mr. Tunde Lemo, Chairman, NIBSS, disclosed that the value of cheques cleared in the period dipped by 23.20 per cent from N10.69 trillion recorded between July 2009 and June 2010.

He, however, stated that the volume of cheques cleared within the period appreciated by 5.39 per cent to 13.61 million from 12.91 million in the similar period in 2010.

He disclosed that the increase was as a result of the Central bank of Nigeria's new policy on maximum cheque value for clearing introduced during its 2011 fiscal year.

Lemo, who is also the Deputy Governor, Operations of the CBN, added that the NIBSS Electronic Fund Transfer, NEFT, instruments cleared in the period rose by 40.92 per cent to 19.267 million while the value also appreciated by 92.72 per cent to N11.65 trillion.

He disclosed that the company has undertaken a transformational technology initiative to redefine the Electronic Fund Transfer switch network in Nigeria with an infrastructure and platform designed to facilitate seamless Point of Sale retail payments on a cost effective basis, making it possible for it to play the role of Payment Terminal Service Aggregation of the Nigerian payment system.

According to him, this has by no small means enhanced the relevance of the company in the payments landscape in Nigeria.

He added that the company launched the NIBSS Instant Payment, an on-line real time inter-bank fund transfer product, which can be used by banks' customers to transfer funds via the internet, from their bank account to other persons' bank account in the country from any part of the world.

He expressed optimism that wide acceptability of the product will engender further revolution of the on-line payment system in Nigeria.

NIBSS in its financial performance for the year ended, June 30, recorded gross income of N2.029 billion, rising by eight per cent from N1.88 billion recorded in its 2010 financial year.

It recorded profit before taxation of N322.913 million, dropping by 35.77 per cent from N502.78 million, while it posted profit after tax of N220.289 million, dropping by 37.25 per cent from N351.066 million recorded in 2010.

The company's net asset grew by 5.84 per cent to N2.681 billion from N2.533 billion recorded in 2010, while it declared a dividend of five kobo.