Nigerians registered mobile transactions worth N2.37 trillion in January 2023, representing a staggering 125% increase over the same period the previous year despite the country’s ongoing cash shortage.
This is according to recent data from the Nigeria Inter-Bank Settlement Systems (NIBSS). Furthermore, the volume of mobile transactions in the largest African economy increased by 55% year on year to 108.1 million, compared to 32.6 million transactions in January 2022.
Whilst the value rose by 125% year on year, it fell slightly when compared to the December 2022 transaction value of N2.48 trillion the highest on record.
It should be noted that the month of December is also known for higher spending due to the Christmas and New Year’s celebrations in most parts of the country.
Transaction volume and value have surged by over 50% and 18% respectively since the announcement to introduce new naira notes. Also, total transaction volume and value was N709 billion and N2trillion at the end of October 2022.
In particular, the value of NIP (NIBSS Instant Payments) increased by 46% to N38.77 trillion in January 2023, up from N26.65 trillion in the same period in 2022. It fell by 7.7% when compared to the previous year’s figure of N42.03 trillion.
The volume of NIP transactions increased by 55% year on year to 541.65 million, up from 348.4 million in January of last year. In the same month, POS transactions in the same currency increased by 41% to N807.16 billion. In the same period in 2022, it stood at N573.7 billion.