Mobile transfers from bank customers reached 2.1 trillion naira in November 2022

Data from the Nigerian Interbank Settlement System (NIBSS) shows that bAnk customers in Nigeria transferred a total of N2.1 trillion via mobile in November 2022.

The November figure brought the total mobile transactions between schemes on the NIBSS platform to N16.9 trillion in the last 11 months. The transaction value in November is also the highest monthly record on the platform.

Year after year, the NIBSS data showed that the value of mobile transactions it has grown by 148% in the 11 months of this year compared to the N6.8 trillion recorded in the same period last year.

Increase in mobile transfers: The 11-month data showed an increase in mobile transfers, as the value of transactions on the NIBSS platform surpassed the N8 trillion recorded in the full year 2021. The figures are expected to rise further this December due to the activities of spending of the festive season.

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According to NIBSS, the volume of mobile transactions between schemes also increased 145% year-on-year from 249 million recorded between January and November last year to 609 million in the same period this year.

Powered by mobile connections: The increase is driven by the increase in mobile connections across the country. According to data from the Nigerian Communications Commission (NCC), active subscriptions for mobile services on the networks of MTN, Airtel, Globacom and 9mobile grew by 19.2% between January and October this year.

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Mobile subscriptions jumped from 195.1 million in January 2021 to 214.3 million in October this year.

Meanwhile, as more Nigerians adopt mobile payments, a recent fraud report from NIBSS revealed that fraudsters are also turning more of their attention to the platform. According to the report, mobile fraud attempts increased by 330% between January and September 2020.

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