Nigerians Transact N2.1trn on Mobile Banking in November 2022

Data from the Nigeria Inter-Bank Settlement System (NIBSS) shows that total transactions made by Nigerians via mobile banking in November 2022 stood at N2.1 trillion while a total value of N16.9 trillion has been transacted in the last 11 months on the NIBSS platform. 

On a year-to-year basis, Investors King learnt that the value of mobile transactions has grown by 148 percent in the 11 months of this year compared to the N6.8 trillion recorded in the same period last year.

The increase according to the NIBSS data is coming amid the controversy that has surrounded the withdrawal limit set by the Central Bank of Nigeria (CBN).

It could be recalled that the CBN in a memo sent to commercial banks announced a limit on cash withdrawals made by individuals and organisations with effect from 9 January 2023. 

The bank directed that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100, 000 and N500,000, respectively, per week.

The withdrawal limit has however been received with mixed feelings from several quarters including the National Assembly which called for an upward review of the withdrawal limit. 

During plenary on Wednesday, Senators were divided over plans by the Central Bank of Nigeria ( CBN) to limit cash withdrawal. Senators who kicked against the proposed policy said that Nigeria was not ripe for it as the rural people would suffer, describing it as nonsensical, vague, nebulous and anti-people.

On the other hand, a group of financial experts have backed the Central Bank of Nigeria’s proposed cash withdrawal limit policy, noting that it would further drive the cashless policy of the CBN, and prevent naira mutilation and excessive circulation. 

In addition, the increase in mobile transactions growing by 148 percent over the past 11 months is another evident example that more Nigerians are embracing digital transactions as opposed to cash transactions. 

Nonetheless, the CBN governor stated that the apex bank could review the withdrawal limit if it will better benefit Nigerians and the economy.