Mobile bank transfers hit N19.4 trillion in 2022

Marcus Amudipe
Marcus Amudipe

The Nigeria Inter-Bank Settlement System has revealed that in 2022, Nigerian bank clients sent a combined total of N19.4 trillion in mobile money transfers.

According to Nairametrics, the N8 trillion in 2022 represents an increase of 142% over the previous year.

The number of mobile inter-scheme transactions increased by 151% between 2021 and 2022, from 284.5 million to 609 million, according to data from the NIBSS.

According to NIBSS data, the total amount of bills paid electronically in 2017 increased to N2.8 trillion. This amounts to a 53% rise in the value of online bill payment from the N2.3 trillion reported in 2021.

The increased use of mobile for financial transactions is being aided by the growing number of mobile connections across the country.

According to the most recent Nigerian Communications Commission data, active subscriptions for mobile services across MTN, Airtel, Globacom, and 9mobile networks increased by 19.2 percent between January and October of this year. Subscriptions to mobile phones increased from 195 million in December 2021 to 218.6 million in November 2022.

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