More Nigerians go cashless, as mobile transactions volume doubles in 11 months

The Nigeria Interbank Settlement System (NIBSS) has revealed that more Nigerians are going cashless as the volume of financial transaction through mobile devices has more than doubled in the last 11 months (Janaury- November).

The NIBSS noted in data released on its website recently, that mobile volume of transaction rose by 144.9 percent to N609.9 million as of November from N249.0 million in the same period of last year.

Its value also increased by 156.5 percent from N6.9 trillion as at November 2021 to N17.1 trillion in the same period of this year.

Apart from mobile transfers, Point of Sales (PoS) also followed the same trend as its volume increased by 25.3 percent to N1.1 billion from N877.9 million in the same period last year.

In terms of value, it recorded an increased rate of 33.3 percent Year-on-Year from N5.7 trillion to N7.6 trillion.

The volume of Nigeria Instant Payment (NIP) platform transactions also rose to N4.6 billion in the 11 months, showing a 53.3 percent increase from N3.0 billion recorded in the same period of last year.

The volume of cheque transactions fell by 9.5 percent to N3.8 billion from N4.2 billion over the same period, according to the NIBSS data.

The transition from the old Naira notes to the new ones, which have started entering circulation, are expected to spur the use of electronic banking channels ahead of the expiration of the old notes by January 31, 2023.

Over the years, NIBSS says Nigerian banks have exposed NIP through their various channels, including internet banking, bank branch, kiosks, mobile apps, USSD, PoS, and ATM, to their customers.