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Mobile Transfers By Bank Customers Hit N12.8t In 9 Months : NIBSS

Mobile Transfers By Bank Customers Hit N12.8t In 9 Months : NIBSS

Mobile Transfers By Bank Customers Hit N12.8t In 9 Months: NIBSS

Mobile Transfers By Bank Customers Hit N12.8t In 9 Months: NIBSS

According to data from the Nigeria Inter-Bank Settlement System (NIBSS), mobile device transfers by bank clients in Nigeria totaled N12.8 trillion between January and September of this year.

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The value of transactions made through this channel has already surpassed the N8 trillion recorded for the entire year 2021, according to NIBSS data for mobile money transfers for the 9-month period. This indicates a rise in the use of mobile for financial transactions.

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% in the first nine months of this year.

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According to NIBSS, the volume of mobile inter-scheme transactions also rose by 133% year on year from 188 million recorded between January and September last year to 438 million in the same period this year.

Mobile Transfers By Bank Customers Hit N12.8t In 9 Months: NIBSS

The surge in the use of mobile for financial transactions was 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 14.4 million in the first 8 months of 2022.

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  • Analysis of the value of the transactions showed that the sum of N1.05 trillion was transferred through mobile in January alone.
  • In February, transactions worth N1.09 trillion were carried over 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.
  • 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.
  • The value of mobile transactions in September stood at N1.7 trillion.

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