Mobile Transfer Hits N1.8 Trillion In August 2022

A total of N1.8 trillion was transferred by bank customers in Nigeria in August 2022.

This was revealed in the data of the Nigeria Inter-Bank Settlement System (NIBSS).

 The August deals represent a 155% increase compared to the N719 billion recorded in the same month of 2021. The data also shows an 18% growth of over N1.5 trillion recorded in July this year.

The data further disclosed that the volume of mobile inter-scheme transactions also rose by 150.75%  from 26.6 million recorded in August 2021 to 66.7 million in the same period this year.

However, the increase can be attributed to the rising mobile connections across the country because the Nigerian Communications Commission (NCC) disclosed that active subscriptions for mobile services across the networks of MTN, Airtel, Globacom, and 9mobile rose by 13.4 million between January and July this year, bringing the total actively connected lines in the country to 208 million.