CEM REPORT, FINTECH | Nigerians continue to embrace cashless transactions as mobile transfer hit a 142 percent increase year on year resulting in N19.4 trillion in 2022.
The value of bills paid through electronic channels last year rose to N2.8 trillion. Compared with N2.3 trillion recorded in 2021, this represents a 53% increase in the value of bills paid online.
Data released by the Nigeria Inter-Bank Settlement System (NIBSS) reveals the volume of mobile inter-scheme transactions rose by 151% year on year from 284.5 million recorded in 2021 to 609 million in 2022.
According to NIBSS data, more Nigerians are now embracing payment of bills electronically as opposed to paying with cash.
The surge in the use of mobile for financial transactions can be attributed to the rising mobile connections across the country.
According to the latest data from the Nigerian Communications Commission (NCC), active subscriptions for mobile services across the networks of MTN, Airtel, Globacom, and 9mobile grew by 19.2 between January and October this year. The mobile subscriptions jumped from 195 million in December 2021 to 218.6 million in November 2022.