Mobile money transactions in Nigeria grew over 3000% in first four months of 2022 – report
According to data provided by the Nigeria Interbank Settlement System (NIBSS), the number of telecom subscribers in the country recorded a jump of 13.98% to (201.31 million) in the corresponding month of 2022 from (176 .62 million) in April 2019. Similarly, the report noted that mobile devices were the driver of payment in 2020, accounting for 43% of total transactions in 2020, with 35% of transactions conducted via USSD and 78% of total transfer transactions.
The perceived growth in mobile money transaction volume in Nigeria has also boosted the adoption of instant payment. According to the NIBSS, data from the Cross-Plan Mobile Portal showed a significant increase in the value of mobile transactions started during the pandemic, which is consistent with its report “Instant Payments – Annual Statistics 2020”. PUNCH reported.
“The cross-system mobile transaction portal showed that usage increased by 3,406.95%, from 4.36 million times to 152.99 million times,” the report said.
Nigeria and other countries in sub-Saharan Africa accounted for the largest share of mobile money transactions last year, with $490 billion processed. According to the GSMA’s State of the Mobile Money Industry Report, Sub-Saharan Africa has continued to lead the rest of the world in mobile money transactions due to increased investment by mobile operators. telecommunications in the digital banking segment.