Mobile Payments Grow by 184% in 2019

  • Mobile Payments Grow by 184% in 2019

Efforts of the Central Bank of Nigeria to encourage cashless policy have started materialising as more Nigerians embraced mobile payments in 2019.

According to the recent data from the Nigerian Inter-Bank Settlement Scheme, mobile payments rose by 184 percent from N292.02 billion achieved in 2018 to N828.1 billion in 2019.

The total volume of mobile payments surged by 470 percent during the period under review as more agents aggregated 41.21 million payments, up from 7,23 million in 2018.

“There has been a steady growth in the value and volume of mobile payments since the Central Bank of Nigeria, in collaboration with other stakeholders, introduced the agency banking scheme to reach the unbanked and under-banked population with financial services and deepen financial inclusion.”

“The agent networks are able to carry out BVN enrolment, cash-in, cash-out, airtime recharge, bills payment and funds transfer for customers in remote areas.”

A breakdown of the report revealed mobile payments grew by 28 percent in the month of January to N26.83 billion in 2019, up from N20.95 billion.

In February, value of mobile payments stood at N30.03 billion against N22.40 billion recorded in the same month of preceeding year.

In March, mobile payments grew by 58 percent to N38.44 billion, up from N24.39 billion from March 2018. Also, 73 percent increment was recorded in April when N23.98 billion transactions were recorded.

In May transactions rose by 85 percent from N46.85 billion to N25.24 billion recorded in the same month of 2018.

June saw N45.28 billion; July N60.13 billion; AUgust N84.81 billion; September N87.50 billion; October N103.67 billion; November N114.04 billion and December N148.97 billion.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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