Bank customers’ mobile transfers hit N2.1 trillion in November 2022

According to data from the Nigeria Inter-Bank Settlement System (NIBSS), mobile transfers by bank customers in Nigeria totaled N2.1 trillion in November 2022.

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%.

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