The Nigeria Inter-Bank Settlement System (NIBSS) has said, mobile device transfers by banks’ customers in Nigeria rose to N12.8 trillion between January and September of this year.
The value of transactions recorded in the first three quarters is well more than the N8 trillion recorded for the entire year 2021. This shows a steep increase in the use of mobile phones for financial transactions.
A report by NIBBS indicates that, 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.
According to NIBSS data, when compared to the N5.06 trillion reported during the same period last year, the value of mobile transactions increased by 153 per cent in the first nine months of this year.
The number of mobile inter-scheme transactions increased by 133 per cent from the 188 million transactions reported between January and September of last year to 438 million transactions during the same period this year, according to NIBSS.
The increase in mobile connections across the nation helped fuel the growth in the use of mobile phones for financial transactions. The active subscriber-base for mobile services on the networks of MTN, Airtel, Globacom, and 9mobile increased by 14.4 million in the first eight months of 2022, according to the Nigerian Communications Commission (NCC).