Nigeria Inter-Bank Settlement System (NIBSS) releases data that shows the total amount of mobile transactions done by Nigerian bank customers to be N2.1 trillion in November 2022.
Accumulation of the mobile inter-scheme transactions for the past 11 months on the NIBSS platform is N16.9 trillion. The month of November has the highest records on the platform.
In comparison with last year’s mobile transactions, NIBSS data showed this year’s transaction percentage to have increased by 148% in this same period.
The 11 monthly data records showed a great increase in the use of mobiles for transactions.
It is anticipated that the figures to increase further this December due to the festive season which will cause people to do more spending activities.
The figure was also boosted by the rising of mobile connections across the country.
According to data from the Nigerian Communications Commission (NCC), active subscriptions for mobile services across the network of MTN, Airtel, Globacom, and 9mobile grew by 19.2 between January and October this year.
What to know
As more Nigerians embrace mobile payments, a recent NIBSS fraud report revealed that fraudsters are also focusing more on attention on the platform.
In Other News
E-payment transactions hit N38.9 trillion in November 2022 as the data of transactions performed electronically by Nigerians was shown.
It was revealed by NIBSS through the Instant Payment Platform (NIP), that total of N38.9 trillion transactions was done. This is considered to be the highest monthly transaction record so far on the platform.
This is an impressive growth as NIBSS data reported; the November figure brought the total value of deals in the last 11 months to N345 trillion.
According to NIBSS, over the years, Nigerian banks have exposed NIP through their various channels: internet banking, bank branch, kiosks, mobile apps, Unstructured Supplementary Service Data (USSD), POS, ATMs, etc. to their customers.