According to new statistics from the Nigeria Inter-Bank Settlement System (NIBBs), the largest number of mobile transfers were reported in January 2023, with over 108 million transactions.
By Omotayo Olutekunbi
This is in response to the Central Bank of Nigeria’s (CBN) new currency exchange policy, which has encouraged a cross-section of Nigerians to seek an alternate form of money transfer since the FG banned the use of older denominations of the N1000 and N500 naira notes.
According to NIBBS data, 108.135 million transfers were done in January 2023, with the total value of mobile transactions being N2.37 trillion as of September 2022.
Additional examination found a modest decrease in the value of mobile money transactions, which peaked at N2.48 trillion in December 2022 when compared to N1.05 trillion in January 2022.
Another platform that had a decrease in transaction volume throughout the assessment period was the NIP platform, which saw a 7.74 percent drop from N42.023 trillion in December 2022 to N38.772 trillion in January 2023.
Nevertheless, as compared to the volume of 348 million and the value of N26.6 trillion reported in January 2022, the platform’s transaction numbers had increased by 55 percent and 45 percent, respectively.
The number of PoS transactions increased by 13.04 percent, but the value of transactions on the platform decreased by 2.3 percent.
In 2022, the POS platform processed 85.23 million transactions worth N826.3 billion, compared to 96.34 million transactions worth N807.16 billion processed in January of this year.
Related posts
Reviews
Follow Our Activities On Facebook
6 days ago
6 days ago
6 days ago
7 days ago
7 days ago
SUBSCRIBE
[mc4wp_form id=”2012″]
Top Reads!
#BigBrotherNaija “Level Up” Week 6
Though last Sunday Sunday was meant to be a “no-eviction” day, it came as a shocker when fake housemate, Modella…
Dating in 2022; Situationships Are Not For The Fainthearted
Situationships are defined as that space between a defined relationship and something other than a friendship. It is a romantic…
20 Questions With Dinta Media’s Visual Storyteller, Chimeremogo Nwoke
Dinta Media is not really just a media production brand but we like to see ourselves as a hub for…
How Are Nigeria’s Small Businesses Coping?
The current rising rate of inflation and other burdens against the Nigerian economy speaks to the realities of the times.
Thrifting Is All The Rave Now, Here’s Why
By Amy Adindu The affordable clothing movement has gained global attention and acceptance as we’re all trying to look like…
#BigBrotherNaija “Level Up” Week 2
Week 2 of the highly watched Nigerian TV show kicked off with an early plot twist. On Sunday, Big Brother…
#BlueTunes: Burna Boy, Omah Lay Top Album Picks For July
July was a promising month for music lovers; from Lizzo’s album titled Special and Imagine Dragons’ Mercury, (Acts 1 &…
#BlueTunes Album Picks For June
Gbagada Express – Boj Bolaji Odojukan, popularly known as BOJ, was raised both in England and Nigeria. He shot to…
“A Creative’s Dream” with Jeff Chinonso
On the 26th of June 2022, Jeff Chinonso hosted his first solo art exhibition. The Augmented Reality exhibition themed “A…
Nigerian API-based company Thepeer raises $2.1 million
Tech infrastructure startup Thepeer has raised a $2.1 million seed round according to a report from TechCabal. Thepeer, a Nigerian…
Dika Ofoma, Ugochukwu Onuoha take on grief in Debut Film “The Way Things Happen”
The twenty-minute film focuses on the loss of a loved one, and how grief changes a person.
Nigerian Startups might just be Crippled by a Recently Leaked bill
Over the years there has been talks of amendment on the 2007 Act of the National Information & Technology Agency (NITDA).
Why We Love Kelechi Amadi Obi
The definition of talent is Kelechi Amadi’s iconic story. Imagine a person who studies law in school, gets called to Bar, and leaves it all for something different and unrelated…Painting!