Mobile Transfers Hit 108 Million As Nigerians Seek Alternative Mode Of Transaction

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Fresh data released by the Nigeria Inter-Bank Settlement System (NIBBs) has revealed that the highest number of mobile transfers was recorded in January 2023 with over 108 million transactions.

This comes amid the Central Bank of Nigeria’s (CBN) fresh cash swap policy which has prompted a cross-section of Nigerians to seek an alternative mode of money transfer ever since the usage of the older denominations of the N1000 and N500 naira notes was completely outlawed by the FG.

According to the NIBBS figures, in the month of January 2023, a total of 108.135 million transfers were made while as of September 2022, the value of mobile transactions stood at N2.37 trillion.

Further analysis revealed there was a slight decline in the value of transactions via mobile money as it peaked at N2.48 trillion in December 2022 when compared with the figures obtained in January 2022 which stood at N1.05 trillion.

Mobile Transfers Hit 108 Million As Nigerians Seek Alternative Mode Of Transaction

Also, there was a slight dip in the value and volume of electronic transactions carried out in January 2023 via the Nigeria Inter Bank Settlement System Instant Payment (NIP) channel as it dropped by 3.5 percent to 542.65 million compared to the December 2022 figure of 561.31 million.

Another platform that recorded a decline in the volume of transactions during the period of review was the NIP platform as it went down by 7.74 percent from N42.023 trillion recorded in December 2022 to N38.772 trillion in January 2023.

However, when compared with the volume – of 348 million and value of N26.6 trillion recorded in January of 2022, the transaction figures recorded on the platform had risen by 55 percent and 45 percent respectively.

For PoS Transactions, the volume rose by 13.04 percent while the value of transactions on the platform declined by 2.3 percent.

A total of 85.23 million transactions with a value of N826.3 billion were transacted through the POS platform In 2022 as against 96.34 million transactions with a value of N807.16 billion done in January this year.