The Nigeria Inter-Bank Settlement System (NIBSS) has revealed that bank customers in Nigeria transferred a total of N1.8 trillion over mobile devices in August this year. This came as an all-time high monthly value recorded since the deployment of the mobile inter-scheme platform.
The August deals represent a 155% increase year on year, compared to the N719 billion recorded in the same month of 2021. The data also shows an 18% growth of over N1.5 trillion recorded in July this year.
According to NIBSS, the volume of mobile inter-scheme transactions also rose by 150.75% year on year from 26.6 million recorded in August last year to 66.7 million in the same period this year.
The surge in the use of mobile for financial transactions is buoyed by the rising mobile connections across the country. According to the Nigerian Communications Commission (NCC), active subscriptions for mobile services across the networks of MTN, Airtel, Globacom, and 9mobile rose by 13.4 million between January and July this year, bringing the total actively connected lines in the country to 208 million.
Monthly analysis of mobile transfers
- Over the last 8 months, the NIBSS data shows that the value of mobile transactions has grown by 158% to hit N11.1 trillion, thus surpassing the N8 trillion recorded in the full year 2021.
- Analysis of the value of the transactions between January and August 2022 showed that the sum of N1.05 trillion was transferred via mobile in January this year.
- In February, transactions worth N N1.09 trillion were carried over the mobile, while 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.
- The August figure came to an all-time high at N1.8 trillion.
