Mobile transactions hit N4.86tn in four months – NIBSS

Mobile transactions in Nigeria has risen by 3,454.46 per cent from N136.85bn within the first four months of 2019 to N4.86tn in the corresponding period of 2022, according to data from the Nigeria Interbank Settlement System.. This growth follows a 13.98 percent increase in the number of telecommunication subscribers in the nation from 176.62 million in…

Mobile transactions in Nigeria has risen by 3,454.46 per cent from N136.85bn within the first four months of 2019 to N4.86tn in the corresponding period of 2022, according to data from the Nigeria Interbank Settlement System.

This growth follows a 13.98 percent increase in the number of telecommunication subscribers in the nation from 176.62 million in April 2019 to 201.31 million in the corresponding month of 2022.

Data from the mobile inter-scheme portal of the NIBSS showed a significant increase in the value of mobile transactions started during the pandemic, which is consistent with its, ‘Instant Payments – 2020 Annual Statistics’ report.

The report revealed that the COVID-19 pandemic had changed the e-payments landscape and accelerated the adoption of instant payments.

It had added that mobile devices drove payment in 2020, accounting for 43 per cent of total transactions in 2020, with 35 per cent of transactions carried out via USSD, and 78 per cent of total transfer transactions.

According to the NIBSS, mobile transactions increased from N136.85bn in 2019 to N623.47bn in 2020, N1.78tn in 2021, and N4.86tn in 2022.

Within the time under review, the mobile inter-scheme transaction portal showed that usage increased by 3,406.95 per cent from 4.36 million times to 152.99 million times.

In an earlier interview with The PUNCH, the National President, Association of Mobile Money Agents in Nigeria, Victor Olojo, had disclosed that mobile usage was driving the increase in e-payment.

The Punch

ANA NEWS WIRE Disclaimer:
The African News Agency (ANA) is a news wire service and therefore subscribes to the highest standards of journalism as it relates to accuracy, fairness and impartiality.
ANA strives to provide accurate, well sourced and reliable information across Text, Images and Video. Where errors do appear, ANA will seek to correct these timeously and transparently.
The ANA platform also contains news and information from third party sources. ANA has sought to procure reliable content from trusted news sources but cannot be held responsible for the accuracy and opinions provided by such sources on the ANA platform or linked sites.
The content provided for on the ANA News Wire platform, both through the ANA news operation and via its third party sources, are for the sole use of authorised subscribers and partners. Unauthorised access to and usage of ANA content will be subject to legal steps. ANA reserves its rights in this regard.
ANA makes every effort to ensure that the website is up and running smoothly at all times, however ANA does not take responsibility for, and will not be held liable for times when the website is temporarily unavailable due to technical issues that are beyond our control.