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Nigerians Abandoned Teller Payment as Mobile Transactions Rose to N11.10tn in 8 Months

The value of mobile transactions rose to N11.10 trillion in eight months, signifying a drastic change from the teller and cheque payments. 

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Mobile payments

The value of mobile transactions rose to N11.10 trillion in eight months, signifying a drastic change from the teller and cheque payments. 

Data from the Nigeria Inter-Bank Settlement System (NIBSS) has shown that more Nigerians are embracing mobile payment in recent times. Between January to August of this year, the value of mobile transactions has risen to N11.10 trillion. 

This represents more than 150 percent increments if compared with the total value of mobile transactions recorded in the corresponding period in 2021. 

The total value of mobile transactions between January to August 2021 was N4.29 trillion as stated on the NIBSS website. 

Investors King understands that mobile transactions began to gain huge tractions during Covid 19 pandemic which forced many banks to shut their doors. Banks, therefore, encourage their customers to use mobile transactions as an alternative payment method. 

Banks also invested in marketing content to promote the use of mobile applications and USSD codes. Another factor that has largely contributed to the adoption of mobile payments is the increase in the number of people that use smartphones.  

An analyst, Damilola Adewale stated that the country’s financial inclusion is improving as more people access the financial service from the comfort of their phones.

NIBSS disclosed that mobile device transactions accounted for 43 percent of the total electronic payments made in 2020 while USSD transactions accounted for 35 per cent of all electronic payments in 2020. 

Aside from mobile transactions, NIBSS further indicated that Point of Sales (POS) transactions also followed the same trend. The volume of POS transactions in August 2022 rose to 98.4 million compared to 75.6 million recorded in August 2021. This represents a 30.2 percent increase within the period under review. 

It could be recalled that in 2012, the Central Bank of Nigeria (CBN) introduced the cashless policy which aimed to prevent the unnecessary handling of cash and limit the volume of cash in circulation. It is glaring that the policy has largely been successful. 

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Banking Sector

Zenith Bank Apologizes for Service Disruption, Assures Customers of Improved Operations

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Zenith Bank - Investors King

Zenith Bank Plc has tendered an apology to its customers for the poor services experienced on its banking platforms.

Investors King reported that the service disruption which lasted for days left customers frustrated.

Despite the notice from the bank notifying its customers that it would perform maintenance from September 29 to October 1, many customers took to social media to register their disappointment with the bank.

Also, on Monday, September 30, angry customers converged at Zenith Bank, Ijaiye Ojokoro branch in Lagos, demanding access to their money.

A customer, Segun, who said that his main goal was to transfer his funds to another bank after being unable to access his money through any means revealed that for two days, he had tried to withdraw or transfer money through the bank’s mobile app, but nothing worked.

“My family nearly went hungry yesterday because of this issue,” he said, adding that his ATM card wasn’t working either.

However, on Thursday, Zenith Bank issued an apology via its official X handle to its customers.

The bank revealed that it had completed its maintenance upgrade and apologized for the inconvenience caused during the process.

Zenith Bank disclosed that the upgrade was aimed at improving the bank’s quality of service to its customers, emphasizing that customers can now perform transactions conveniently on all its banking channels, including mobile app, internet banking platform, debit card, agent banking, and branches nationwide.

The statement read, “Dear Valued Customer,

We sincerely apologise for the service disruptions you experienced recently on our banking channels. This was due to an information Technology upgrade aimed at improving the quality of service we provide.

We have made significant progress with the upgrade and you can now perform transactions conveniently with the following Zenith bank Channels:

Your Zenith Bank Debit Card
The Zenith Bank Mobile App
The Zenith bank Internet Banking Platform
Zenith Agents nationwide (Agent Banking)

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Finance

President Tinubu Approves Use of Electric Vehicles in North East

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President Bola Tinubu has approved the use of electric vehicles in the North East region of Nigeria to promote cleaner energy.

This was disclosed by the Managing Director of the North East Development Commission (NEDC), Mohammed Alkali at the State House, Abuja, after meeting with President Tinubu.

Alkali said the commission has been entrusted with the responsibility of bringing the electric vehicles to reality.

He disclosed that the commission was left to choose between electric-powered vehicles and Compressed Natural Gas (CNG) and that after a thorough analysis of the two options, it was discovered that electric vehicles are better suited for the region.

Alkali hinted that the commission chose e-vehicles bearing in mind the region’s plan to create modular solar power units across states, thereby providing a standby power source for the e-vehicles.

Giving more insights into the models of the vehicles and what they would look like, the commission boss said the e-vehicle fleet will comprise three categories such as e-buses designed for intra-state movements with a minimum capacity of 40 people per trip; e-taxis capable of carrying three people including the driver; and modified tricycles enhanced to carry eight people including the driver.

He added that NEDC prioritized local content, ensuring that vehicle bodies could be fabricated locally in the Northeast or other regions.

Briefing journalists of the commission’s meeting with President Tinubu, Alkali said after presenting him with the kind of e-vehicles the zone is going to introduce, Tinubu approved it.

He noted that the approved deployment of e-mobility in the Northeast would pave the way for a cleaner and more efficient transportation system in the region.

On the potential of the region, Alkali said the commission has developed comprehensive master plans that cover 11 pillars that will fully activate the action plan for the initiative.

The NEDC boss further stated that the commission will engage stakeholders, specially the road transport workers thereby integrating their concerns and advises before the final stage of activating the e-vehicles across the Northeast states of Nigeria.

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Banking Sector

Unity Bank, Anwbn Empower Women Entrepreneurs With Ai, Digital Marketing Skills

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Unity Bank Plc has hosted a capacity-building workshop to support the Association of Nigerian Women in Business Network (ANWBN) in a move aimed at empowering women entrepreneurs with the necessary skills required to thrive in today’s digital economy. 

The initiative for the workshop stems from the growing advancement in technology and its impact on business hence the theme: “Empowering Women Entrepreneurs: AI and Digital Marketing Strategies,” which sought to equip women with practical knowledge on how to harness the power and take advantage of emerging technology.

As a platform that drew the participation of businesses from diverse sectors, attendees were provided with tools for leveraging digital platforms for expanding market reach, building efficiency in business operations, engaging customers, and increasing brand visibility.

Renowned industry experts and speakers such as Dr. Opeyemi Ojesina, the Chief Executive Officer of Jesshill Consulting, Nkechinyere Ojiego, General Manager, of Simba Group, and Mrs. Adenike Abimbola, Divisional Head, of Retail and SME Banking, Unity Bank Plc, led impactful sessions at the workshop designed to help participants grow their businesses by leveraging cutting-edge technologies and customer-centric marketing strategies

Addressing the media after the event, Mrs. Adenike Abimbola said the capacity-building initiative was inspired by the need to empower women entrepreneurs to take advantage of the growing opportunities presented by the evolving digital marketing landscape.

She said, “The growing digital landscape presents a unique opportunity for women to scale their businesses. There are over 70% of women entrepreneurs in Nigeria who desire this kind of capacity-building programme to improve their businesses, helping them learn how to transition from traditional business methods to one powered by technology, as this will become a differentiator”

While commending the partnership with ANWBN and emphasizing the importance of digital technologies, Mrs. Ambimbola pledged Unity Bank’s commitment to supporting SMEs, adding that the Bank will often pay priority attention to female-led ventures to improve relationships and collaboration with women businesses in Nigeria.

She added: “We are proud of our partnership with ANWBN and the success of this workshop. Empowering women entrepreneurs is key to driving economic growth and ensuring sustainable development. We look forward to more initiatives that support and uplift women in business.”

One of the participants, Mrs. Yetunde Adeniran, a fashion designer, shared her learning experience explaining that with the insights gained here, she has now found more ways of integrating digital technology into many facets of her business. She also highlighted the advantages of Unity Bank’s Yanga Account, which she noted as a crucial tool for small business owners, providing financial support tailored to their specific needs.

In 2022, Unity Bank launched Yanga Account to facilitate financial inclusion for Women. The success of the workshop underscores Unity Bank’s ongoing commitment to supporting female entrepreneurs in Nigeria as the Bank seeks to empower women in business by providing access to valuable resources, financial tools, and educational opportunities that will help them thrive in an increasingly competitive market.

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