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Nigerians transfer N1.4trn over mobile in 7 months

By Victor Akindele

Banks customers in Nigeria transferred a total of N1.4 trillion through their devices between January and July this year, TechTrackAfrica has gathered. The value of the mobile transactions in the seven months represents a 375 per cent growth over N289 billion recorded in the same period of last year.

According to the e-payment data released by the Nigeria Inter-Bank Settlement Systems (NIBSS), the amount transferred over mobile platform in the last seven months has surpassed the total value of mobile transfers recorded in the 12 months of 2019, which stood at N828 billion.

NIBSS revealed that the volume of the mobile inter scheme transactions also rose by 485 per cent from 10.9 million recorded between January and July 2019 to 63.8 million in the same period of 2020.

While the surge in the use of mobile transfer for payment within the last seven months could also be attributed to coronavirus pandemic, which forced many to limit face-to-face transactions even before the declaration of lockdown in some states, industry analysts said the growth indicated that efforts to deepen financial inclusion by banks, fintech, and telecommunications companies are yielding positive results. Analysis of the figures for the seven months showed that the sum of N133.2 billion was transferred via mobile in January this year.

In February, transactions worth N148.3 billion were carried out over the mobile, while in March a total ofN169.8 billion was recorded as mobile transfers. In April, a total of N172 billion was transferred over mobile, while the figure stood at 230.2 billion in May.

The steady increase in mobile transactions continued in June as the figure N245.9 billion, while the highest monthly value was recorded in July at N275 billion.

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