Nigerians spend over N12.8 trillion in mobile transactions in 9 months
Nigerians executed N12.8 trillion in mobile transactions from January to September 2022, more than doubling the figure recorded during the same timeframe last year and significantly surpassing what was noted in 2020.
Evidence from the Nigeria Inter-Bank Settlement System (NIBSS) for the years 2018 to 2022 verifies this trend. The NIBSS indicates that in the initial nine months of 2022, mobile inter-scheme transactions recorded in Nigeria surged by an astonishing 153% year-on-year from the N5.07 trillion noted in the equivalent period of 2021. When juxtaposed with the same timeframe in 2020 (N1.89 trillion), 2019 (N461.4 billion), and 2018, the total transaction volume for the current year exemplifies an even more considerable increase (N216.4 billion).
Since the COVID-19 outbreak, ...