Nigerians’ use of mobile channels for payment transactions has risen by 3,454.46% from N136.85bn. Within the first four months of 2019 to N4.86tn in the corresponding period of 2022. This is according to data from the Nigeria Interbank Settlement System.
This growth follows a 13.98% increase in the number of telecommunication subscribers in the nation. From 176.62 million in April 2019 to 201.31 million in the corresponding month of 2022. The report revealed that the COVID-19 pandemic had changed the e-payments landscape and accelerated the adoption of instant payments.
It had added that mobile devices drove payment in 2020, accounting for 43% of total transactions in 2020. With 35% of transactions carried out via USSD, and 78% of total transfer transactions.
According to the NIBSS, mobile transactions increased from N136.85bn in 2019 to N623.47bn in 2020. N1.78tn in 2021, and N4.86tn in 2022.
In an earlier interview with The PUNCH, the National President, Association of Mobile Money Agents in Nigeria, Victor Olojo, had disclosed that mobile usage was driving the increase in e-payment.
-Punch.
