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.
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 phones for financial transactions.
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% in the first nine months of this year.
The number of mobile inter-scheme transactions increased by 133% 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).