2022 3-Quarter Mobile Transfer Surpasses 2021 Total

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CEM REPORT, FINANCE | Bank customers in Nigeria transferred a total of N12.8 trillion over mobile devices between January and September this year.

This is as the volume of mobile inter-scheme transactions also rose by 133% year on year from 188 million recorded between January and September last year to 438 million in the same period this year.

According to data from NIBSS the surge in mobile transfer which is N4.8 trillion higher from the N8 trillion recorded in the full year 2021 can be attributed to the rising mobile connections across the country.

According to data from Nigerian Communications Commission (NCC), 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.

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Monthly analysis of mobile transfers

Analysis of the value of the transactions showed that the sum of N1.05 trillion was transferred through mobile in January alone.

In February, transactions worth N1.09 trillion were carried over mobile while in March, a total of N1.37 trillion was recorded as mobile transfers.

In April, the value of mobile transactions also stood at N1.37 trillion, while the same figure was recorded in May.

The NIBSS data showed that bank customers in the country carried out financial transactions worth N1.47 trillion in June this year, while the figure rose to N1.55 trillion in July.

In August a total of N1.8 trillion was transferred over mobile devices. This came as an all-time high monthly value recorded since the deployment of the mobile inter-scheme platform.

The value of mobile transactions in September stood at N1.7 trillion.

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