Volume Of Mobile Transactions In Feb Hits 183 million

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The Nigeria Inter-Bank Settlement System (NIBSS) has revealed the volume of mobile money transactions for the month of February which rose by 70 per cent to 183.69 million compared to 108.13 million recorded in the month of January.

The data shows that volume had risen from 108.13 million transactions with a value of N2.37 trillion in January, to 183.69 million transactions with a value of N2.55 trillion.

Due to the cash scarcity, Nigerians used electronic channels such as bank applications and USSD to pay for items that normally would have been cash-based.

While the volume of NIBSS Instant Payment (NIP) rose by 45.5 per cent last month, the value of transactions consummated via the channel declined by 5.12 per cent.

The February NIP data showed that as against 541.65 million transactions that were done via NIP in January, valued at N38.77 trillion, the February NIP channel recorded 787.93 million transactions with a value of N36.78 trillion.

When compared to the data recorded in the comparable period of 2022, the NIP recorded a significant increase in volume, which was up by 121 per cent, while value rose by 35.32 per cent. In February last year, NIP transactions stood at 355.61 million transactions valued at N27.18 billion.

According to the NIBSS statistics, the volume of PoS transactions rose by 17.8 per cent while the value of transactions on the channel rose by 9.4 per cent. At the end of February, a total of 113.53 million valued at N883.45 billion was recorded, as against the 96.35 million transactions valued at 807.16 billion that was recorded in January this year.

Also, the PoS channels’ figure for February this year showed a 27.7 and 53.6 per cent increase in the value and value of transactions compared to the comparable period of 2022 in February last year.

The increased volume in transactions was connected to the scarcity of cash in the economy which forced many citizens to resort to using electronic payment channels to pay for their daily transactions.

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