Bank customers transferred N9.2 trillion on mobile devices between January and July this year (7M 2022), surpassing N8 trillion in full year 2021 (FY 2021).
Latest data released by the Nigeria Inter-Bank Settlement System (NIBSS) shows the value of mobile transactions grew 155 per cent in 7M 2022 against N3.6 trillion in 7M 2021.
The volume of mobile inter-scheme transactions also rose 122 per cent year-on-year (YoY), from 135 million in 7M 2021 to 300 million in 7M 2022.
The surge in mobile financial transactions is buoyed by rising mobile connections across the country, says the Nigerian Communications Commission (NCC).
NCC figures show active subscriptions for mobile services across the networks of MTN, Airtel, Globacom, and 9mobile rose by 10.9 million in the first six months of 2022 (H1 2022).
Breakdown of mobile transfers January-July
Per Nairametrics reporting, the NIBSS report said the monthly transactions in 7M 2022 are as follows:
- January – N1.05 trillion
- February – N1.09 trillion
- March – N1.37 trillion
- April – N1.37 trillion
- May – N1.37 trillion
- June – N1.47 trillion
- July – N1.55 trillion
However, as more Nigerians adopt electronic payment, fraudsters have also raised their attacks, leading to a 186 per cent rise in financial fraud from 16,128 in 2019 to 46,126 in 2020.
The fraud report recently released by NIBSS said criminals are focusing more on the mobile payment system, and on which fraud attempts increased 330 per cent between January and September 2020.
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NIBSS fraud report for Q3 2020 disclosed fraudsters are also targeting web payment, with 173 per cent rise in scam; and Point of Sales (PoS) with 215 per cent rise in the quarter.
e-payments in rise
Another recent NIBSS report also shows e-payments grew 387.19 per cent from N189.50 billion between January and April 2019 (4M 2019) to N923.24 billion in 4M 2022, according to the Nigeria Inter-Bank Settlement System (NIBSS).
“e-BillsPay is an electronic bill payment platform that facilitates the payment of Bills, Fees, Levies, Premiums, and Subscriptions etc. by the banking public through electronic payment channels provided and managed by Banks,” NIBSS explained.
NIBSS data shows a surge in e-bills payment during the pandemic. Up to N189.50 billion was paid through e-BillPay channels in 4M 2019, N363.87 billion (4M 2020), N716.99 billion (4M 2021), and N923.24 billion (4M 2022).
e-BillsPay touch points include bank branches, internet banking, mobile banking, USSD, and agent networks.
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