Mobile money transactions rise to N11tr
By Jeph Ajobaju, Chief Copy Editor
Mobile money transactions rose to N11.10 trillion in the first eight months of 2022, (8M 2022), up N4.29 trillion on 8M 2021, riding on the surge that began during the coronavirus pandemic in 2020 which saw a decline in the use of cheques.
Latest data released by the Nigeria Inter-Bank Settlement System (NIBSS) shows mobile devices drove electronic payment in 2020, accounting for 43 per cent of total transactions in that year.
Some 35 per cent of transactions used Unstructured Supplementary Service Data (USSD) and 78 per cent of total transfer transactions were done on mobile devices.
The NIBSS reports in its “Instant payments 2020 annual statistics” that mobile devices drove e-payment in 2020 as they accounted for 43 per cent of total transactions.
__________________________________________________________________
Related articles:
Mobile bank financial transactions rise to N1.8m
e-payments in Nigeria rise 387%
Treasury eyes N483.73b tax yield from e-payments
__________________________________________________________________
Mobile telephone driving e-payments
Nigerian Communications Commission (NCC) Executive Vice Chairman and Chief Executive Officer Umar Danbatta said a benefit of financial service riding on telecom infrastructure is the provision of USSD which has eased financial transactions, per The PUNCH.
The number of active mobile telephone subscribers increased from 173.63 million in January 2019 to 206.08 million in June 2022.
Global System for Mobile Communications (GSMA), the worldwide body of telecom companies, said in its mobile money industry report for 2021 that:
“While 2020 saw unparalleled challenges brought on by the COVID-19 pandemic, the mobile money industry witnessed strong efforts in striving towards cashless societies, entering strategic partnerships to expand the horizons of digital payments and developing new and robust interoperable payment systems.”
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 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).
, up N4.29 trillion on 8M 2021){kind=link}