Bank Customers’ Mobile Transfer Surges To N12.8 Trillion In Nine Months

According to data obtained from the Nigeria Inter-Bank Settlement System (NIBSS), a total sum of  N12.8 trillion was transferred from bank customers in Nigeria over mobile devices between January and September 2022.

The NIBSS data revealed that this indicates a 153 per cent increase compared to the N5.06 trillion recorded in the same period last year.

During the period under review, mobile inter-scheme transactions also grew to 438 million which indicates a 133% increase compared to 188 million recorded between January and September.

The increase in the use of mobile for financial transactions can be associated with the rising mobile connections across the country. 

The Nigerian Communications Commission (NCC) reports that active subscriptions for mobile services across the networks of MTN, Airtel, Globacom, and 9mobile rose by 14.4 million in the first 8 months of 2022.