Nigeria’s Mobile Money Transactions up by 3000% — NIBSS Report

Mobile money transactions rose to N4.86tn in the first four months of 2022 from N136.85bn within the first four months of 2019.
The number of telecommunication subscribers increased by 13.98 per cent to 201.31 million in 2022, compared to 176.62 million in April 2019.

The value of mobile money transactions in Nigeria increased by 3,454.46 per cent (N4.86tn) in the first four months of 2022 from (N136.85bn) in the corresponding period of 2019, as citizens continue to embrace digital payments as part of a measure to contain the spread of Covid-19.

According to data provided by the Nigeria Interbank Settlement System (NIBSS), the number of telecommunication subscribers in the nation recorded a 13.98 per cent jump to (201.31 million) in the corresponding month of 2022 from (176.62 million) in April 2019. Similarly, the report noted that mobile devices drove payment in 2020, accounting for 43 per cent of total transactions in 2020, with 35 per cent of transactions carried out via USSD and 78 per cent of total transfer transactions.

The perceived growth in the volume of mobile money transactions in Nigeria also spurred the adoption of instant payment. According to the NIBSS, data from the mobile inter-scheme portal showed a significant increase in the value of mobile transactions started during the pandemic, which is consistent with its ‘Instant Payments – 2020 Annual Statistics’.

“The mobile inter-scheme transaction portal showed that usage increased by 3,406.95 per cent from 4.36 million times to 152.99 million times,” the report stated. Nigeria and other countries in sub-Saharan Africa accounted for the largest share of mobile money transactions last year, as $490 billion was processed. According to GSMA’s State of the Industry Report on Mobile Money, Sub-Saharan Africa has continued to lead the rest of the world in mobile money transactions due to increased investment by telecom operators in the digital banking segment.