Mobile transactions increase by 142% as customers transfer N19.4 trillion

This data released by the Nigeria Inter-Bank Settlement System (NIBSS) also indicated an increment in the volume of mobile inter-scheme transactions as it recorded a 151% year-on-year increment from 284.5 million recorded in 2021 to 609 million in 2022.

The increase in mobile transactions also, indicated a corresponding gain in earnings for Telcos and banks as they are the major beneficiaries of mobile transactions.

The telcos and banks stand to benefit since customers most times, have to part with paying for bank charges while at the same time, paying for data to gain assess to some of the mobile apps

A report by Nairametrics showed that earnings for MTN, and Airtel for the first nine months of 2022 revealed that both networks earned a combined total of N744 billion. From data sales.

From January to September 2022, MTN Nigeria raked in a whopping sum of N549.2 billion from data while Airtel earned N195 billion from their data business.

The increase in the use of mobile platforms for transactions has also translated to an increase in E-bills payments.

E-Bills Pay is a platform which facilitates payments between vendors and customers and can enable payments for utility bills, cable TV subscriptions, hotel and airline bookings, school fees, and airtime top-ups.

Data from the NIBSS also revealed that the value of bills paid through electronic channels in 2022 increased by 53% (N2.8 trillion) when compared to the figure recorded in 2021 (N2.3 trillion).