Bank Customers’ Mobile Transfers Hit ₦12.8 trillion, In just 9 Months

• In just 9 Months, Bank Customers’ Mobile Transfers Hit ₦12.8 trillion
• The value of mobile inter-scheme Transactions from 2018 to 2022
• Monthly Banks mobile transfers analysis

Bank Customers’ Mobile Transfers Hit ₦12.8 trillion: Mobile device transactions by Nigerian bank customers totaled N12.8 trillion between January and September of this year, according to information from the Nigeria Inter-Bank Settlement System (NIBSS).

NIBSS stats for mobile money transfers for the nine-month period show that the value of transactions made through this medium has already exceeded the ₦8 trillion recorded for 2021. This suggests that more people are using their mobile phones to carry out financial transactions on a daily basis.

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A total of ₦1.8 trillion was sent via mobile devices in August. This marked the highest monthly value ever seen since the mobile inter-scheme platform was established in Nigeria, in June 1994.

According to NIBSS data, when compared to the ₦5.06 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 value of mobile inter-scheme Transactions from 2018 to 2022

According to NIBSS, Bank Customers’ Mobile Transfers Hit ₦12.8 trillion. the number of mobile inter-scheme transactions surged by 133% between January and September last year and this year, going from 188 million to 438 million transactions.

The growth in the usage of mobile phones for financial transactions was partly aided by the expansion of mobile connections across the country.

As reported by the Nigerian Communications Commission (NCC), the number of active mobile subscribers on the networks of MTN, Airtel, Globacom, and 9mobile grew by 14.4 million in the first eight months of 2022.

Bank Customers’ Mobile Transfers Hit ₦12.8 trillion: the value of mobile inter scheme Transactions from 2018 to 2022

Monthly Banks mobile transfers analysis

• A value analysis of the transactions revealed that in January alone, ₦1.05 trillion was transferred via mobile.
• In February, ₦1.09 trillion worth of transactions were made using mobile, and ₦1.37 trillion worth of transfers were made using mobile in March.
• The value of mobile transactions was also ₦1.37 trillion in April, and it was the same in May.
• According to NIBSS data, bank clients in the nation made transactions of ₦1.47 trillion in June of this year, and ₦1.55 trillion in July.
•  N1.8 trillion was sent via mobile devices in August. This marked the highest monthly value ever seen since the mobile inter-scheme platform was established in Nigeria, in June 1994.
• In September, mobile transactions totaled ₦1.7 trillion.