According to the Nigeria Inter-Bank Settlement System (NIBSS), bank customers in Nigeria transferred a total of N12.8 trillion using mobile devices between January and September of this year.
The NIBSS data for mobile money transfers for the 9-month period show an increase in the use of mobile for financial transactions, with the value of transactions through the channel already exceeding the N8 trillion recorded in the full year 2021.
According to NIBSS data, the value of mobile transactions increased by 153% in the first nine months of this year compared to the N5.06 trillion recorded in the same period last year.
According to NIBSS, the volume of mobile inter-scheme transactions increased by 133% year on year, from 188 million in January to September last year to 438 million this year.
The increased use of mobile for financial transactions was aided by rising mobile connections throughout the country. According to the Nigerian Communications Commission (NCC), active mobile subscriptions across MTN, Airtel, Globacom, and 9mobile networks increased by 14.4 million in the first eight months of 2022.
Monthly analysis of mobile transfers
- Analysis of the value of the transactions showed that the sum of N1.05 trillion was transferred through mobile in January alone.
- In February, transactions worth N1.09 trillion were carried over mobile; in March, a total of N1.37 trillion was recorded as mobile transfers.
- In April, the value of mobile transactions also stood at N1.37 trillion, while the same figure was recorded in May.
- The NIBSS data showed that bank customers in the country carried out financial transactions worth N1.47 trillion in June this year, while the figure rose to N1.55 trillion in July.
- In August a total of N1.8 trillion was transferred over mobile devices. This came as an all-time high monthly value recorded since the deployment of the mobile inter-scheme platform.
- The value of mobile transactions in September stood at N1.7 trillion.
