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Nigerians Seek Alternative Mode Of Transaction As Mobile Transfers Hit 108 Million

Nigerians Seek Alternative Mode Of Transaction As Mobile Transfers Hit 108 Million 

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.

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