Mobile bank financial transactions rise to the highest ever monthly value
By Jeph Ajobaju, Chief Copy Editor
Bank customers transferred N1.8 trillion on mobile devices in August, the highest monthly value since the introduction of inter-scheme platform by the Nigeria Inter-Bank Settlement System (NIBSS).
The NIBSS said the amount is a 155 per cent increase year-on-year (YoY) against N719 billion in August 2021 and an 18 per cent growth month-on-month (MoM) versus N1.5 trillion in July 2022.
The volume of mobile inter-scheme transactions rose 150.75 per cent YoY on 26.6 million in August 2021 to 66.7 million in August 2022.
The surge in mobile financial transactions is buoyed by rising mobile connections across the country, the Nigerian Communications Commission (NCC) explained.
It said active subscriptions for mobile services across MTN, Airtel, Globacom, and 9mobile increased by 13.4 million between January and July 2022, bringing the total to 208 million.
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Monthly mobile transfers
NIBSS data shows the value of mobile transactions grew 158 per cent to hit N11.1 trillion between January and August this year (8M 2022), already more than N8 trillion in full year 2021 (FY 2021), according to reporting by Nairametrics.
The monthly breakdown is as follows:
- January – N1.05 trillion
- February – N N1.09 trillion
- March – N1.37 trillion
- April – N1.37 trillion
- May – N1.37 trillion
- June – N1.47 trillion
- July – N1.55 trillion
- August – N1.8 trillion
Mobile financial transactions rise to N9.2tr
Bank customers transferred N9.2 trillion on mobile devices between January and July this year (7M 2022), surpassing N8 trillion in FY 2021.
NIBSS data shows the value of mobile transactions grew 155 per cent in 7M 2022 against N3.6 trillion in 7M 2021.
The volume of mobile inter-scheme transactions rose 122 per cent YoY, from 135 million in 7M 2021 to 300 million in 7M 2022.
The NCC also attributed the growth in mobile payments to increasing active subscriptions for mobile services across MTN, Airtel, Globacom, and 9mobile which rose by 10.9 million in the first half of the year ended June 2022 (H1 2022).
