More Nigerians go cashless, as mobile transactions volume doubles in 11 months

According to the Nigeria Interbank Settlement System (NIBSS), more Nigerians are using mobile devices to conduct financial transactions, which has more than doubled in the previous 11 months (Janaury- November).

In data recently posted on its website, the NIBSS observed that mobile transaction volume increased by 144.9 percent to 609.9 million as of November from 249.0 million during the same time in 2017.
In the same period of this year, its value climbed by 156.5 percent, from N6.9 trillion in November 2021 to N17.1 trillion.

Along with mobile transfers, Point of Sales (PoS) volume climbed by 25.3% to 1.1 billion from 877.9 million during the same time last year, continuing the similar trend.

In terms of value, it recorded an increased rate of 33.3 percent year-on-year from N5.7 trillion to N7.6 trillion.

The volume of Nigeria Instant Payment (NIP) platform transactions also rose to 4.6 billion in the 11 months, showing a 53.3 percent increase from 3.0 billion recorded in the same period of last year.

The volume of cheque transactions fell by 9.5 percent to 3.8 billion from 4.2 billion over the same period, according to the NIBSS data.

The transition from the old naira notes to the new ones, which have started entering circulation, are expected to spur the use of electronic banking channels ahead of the expiration of the old notes by January 31, 2023.

Over the years, NIBSS says Nigerian banks have exposed NIP through their various channels, including internet banking, bank branch, kiosks, mobile apps, USSD, PoS, and ATM, to their customers.