Online transfers by bank customers hit N2.1trn in November 2022—NIBSS

Nigeria Inter-Bank Settlement System (NIBSS) data indicate that bank customers in Nigeria transferred a total of N2.1 trillion over mobile in November 2022. The November figure brought the total mobile inter-scheme transactions on the NIBSS platform to N16.9 trillion in the last 11 months. The value of transactions in November is also the highest monthly record on the platform.   This indicate that more Nigerians are keying into the castles policy of the Central Bank of Nigeria. Year on year, the NIBSS data showed that the value of online transactions has grown by 148% in the 11 months of this year compared to the N6.8 trillion recorded in the same period last year. The 11-month data showed a surge in mobile transfers, as the value of deals over the NIBSS platform surpassed the N8 trillion recorded in the full year 2021. The figures are expected to jump further this December due to festive season spending activities.  

According to NIBSS, the volume of mobile inter-scheme transactions also rose by 145% year on year from 249 million recorded between January and November last year to 609 million in the same period this year.  The rise in use is buoyed by the rising mobile connections across the country. According to data from the Nigerian Communications Commission (NCC), active subscriptions for mobile services across the networks of MTN, Airtel, Globacom, and 9mobile grew by 19.2 between January and October this year. The mobile subscriptions jumped from 195.1 million in January 2021 to 214.3 million in October this year.  Meanwhile, as more Nigerians embrace mobile payments, a recent NIBSS fraud report revealed that fraudsters are also focusing more attention on the platform. According to the report, fraud attempts on mobile increased by 330% between January and September 2020.