Nigeria records 50% increase in mobile money transactions

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ALTON, WorldRemit, NIBSS, Mobile Mobile

 

Nigeria has recorded a 50 percent increase in the volume of mobile money within the period of January to September this year.

The increase, according to the Nigeria Interbank settlement System (NIBSS) is a reflection of interest Nigerians are gradually showing in the scheme initiated a few years ago by the Central Bank of Nigeria (CBN).

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Figures released by the NIBSS, show that in the nine months under review, volume of mobile money transaction is N1.2trillion. This is a huge increase, compared with N795. 18 billion recorded in the same period last year.

The figures also revealed that the number of mobile money customer also rose from 3.2 million recorded in 2017 to 5.54 million during the same period this year.

According to New Telegraph, volume of transactions across the platforms also went up from 35.53 million in the previous year to 59.72 million in September this year, putting the number of enrolled mobile money agents from 8,613 in 2017 to 21,400.

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