NIBSS reveals mobile transfers rose to N12.8 Trillion
By Oghale Mafuru
Recent report from the Nigeria Inter-Bank Settlement System (NIBSS) has revealed that mobile transactions rose to total of N12.8 trillion in the last nine months of 2022.
The report showed that the value of mobile transactions grew by 153% in the 9 months of this year compared to the N5.06 trillion recorded in the same period last year.
According to NIBSS, the volume of mobile inter-scheme transactions also rose by 133% year on year from 188 million recorded between January and September last year to 438 million in the same period this year.
The surge in the use of mobile for financial transactions was buoyed by the rising mobile connections across the country.
The Nigerian Communications Commission (NCC), had reported that active subscriptions for mobile services across the networks of MTN, Airtel, Globacom, and 9mobile rose by 14.4 million in the first 8 months of 2022.
Meanwhile, the Central Bank of Nigeria has announced that it will introduce a national domestic card scheme that will become effective on January 16, 2023 in line with its mandate to promote stability, inclusion and growth in the financial and payment system in the country.
In a statement by the Director, Corporate Communications, CBN, Osita Nwanisobi, stated that the pace of digitization and innovation, as well as the expansion of mobile penetration and the proactive policy initiatives of the CBN, had driven the accelerated adoption of digital financial services.
He noted that domesticating Nigeria’s card scheme will enhance data sovereignty, enable the development of local products and services as well as reduce demand on foreign exchange.
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