Data from the Nigeria Inter-Bank Settlement System (NIBSS) shows that total transactions made by Nigerians via mobile banking in November 2022 stood at N2.1 trillion while a total value of N16.9 trillion has been transacted in the last 11 months on the NIBSS platform.
The November figure increased the total
amount of mobile inter-scheme transactions on the NIBSS network over the
previous 11 months to N16.9 trillion. Additionally, November’s transaction
volume set a new monthly record for the platform’s transaction value.
The NIBSS data revealed that, compared to
the N6.8 trillion recorded during the same period last year, the value of
mobile transactions increased by 148% in the first 11 months of this year.
The 11-month data revealed a rise in mobile
transfers as the total value of transactions on the NIBSS platform was above
the N8 trillion total for the entire year 2021. Due to holiday season spending,
the numbers are predicted to increase higher this December.
According to NIBSS, the number of mobile
inter-scheme transactions increased by 145% from 249 million between January
and November of last year to 609 million over the same time this year.
The nationwide increase in mobile networks
is helping the spike. The Nigerian Communications Commission (NCC) reports that
between January and October of this year, active mobile service subscriptions
on the networks of MTN, Airtel, Globacom, and 9mobile increased by 19.2.
From 195.1 million in January 2021 to 214.3
million in October of this year, mobile subscriptions increased dramatically.
In the meantime, a recent NIBSS fraud study
showed that criminals are also paying increasing attention to the platform as
more Nigerians adopt mobile payments. The report states that between January
and September 2020, mobile fraud attempts grew by 330%.
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