PUNCH
Registered mobile users in Nigeria did transactions worth N2.37 trillion in January 2023, a recent data released by the Nigeria Inter-Banking Settlement Systems has revealed.
According to the NIBSS, this represents a 125 percent increase compared to the volume of transactions recorded in the same period last year.
The NIBSS is owned by the Central Bank of Nigeria and all licensed Deposit Money Banks in Nigeria and tasked with handling inter-bank payments in order to remove potential bottlenecks associated with inter-bank funds transfer and settlement.
This increase comes amidst the scarcity of cash in the country occasioned by the redesign of some of the N200, N500, N1000 naira notes.
Also the report revealed that the volume of mobile transactions in Nigeria, Africa’s largest economy rose by 55 percent on a year-on-year basis to 108.1 million in contrast to 32.6 million transactions registered in January 2022.
Recall that The Governor of the Central Bank of Nigeria had in October, 2022 announced plans to redesign the N200, 500, N1,000 notes which he said were necessary to help reduce the amount of cash in circulation and also aid the cashless policy.
