Between January and September 2022, Nigerians made mobile transactions totalling N12. 8 trillion, more than twice as much as what was done during the same time period in the previous year and even more than what was done in 2020.
The NIBSS reports that in the first nine months of 2022, reported mobile inter-scheme transactions in Nigeria increased by a startling 153% year over year from the N5. 07 trillion recorded in the same period of 2021.
It’s interesting to note that mobile transactions nationwide may climb further in the final three months of the year, particularly during the Yuletide, which is marked by celebrations and more spending.
Due to the diaspora Nigerians’ return to their family at this time, there was a rise in spending, the majority of which was done online. In the meantime, the CBN has implemented a hawkish monetary policy by raising the cost of credit and removing liquidity from circulation in response to the country’s growing inflation rate.