Mobile Transfers Peaked Highest in January with 108M Transactions

The month of January 2023 recorded the highest number of mobile money transactions since its inception at 108 million, numbers released by the Nigeria Inter-Bank Settlement System (NIBBs) has revealed.

This is coming on the back of the Central Bank of Nigeria’s (CBN) stance on its cashless policy.

This peak is also a ripple effect of the naira redesign that has steered more Nigerians to using alternative mode for transactions.

The NIBBS figures showed that a total of 108.135 million transfers were made in the month of January while the value of mobile transactions in September 2022 stood at N2.37 trillion.

Analysis of the numbers showed that although the volume of transactions peaked in January, the value of transactions via mobile money declined marginally from N2.48 trillion in December but grew by 44 per cent compared with N1.05 trillion in January 2022.

Also, the value and volume of electronic transactions done through the Nigeria Inter Bank Settlement System Instant Payment (NIP) channel dipped slightly last month.

According to January 2023 electronic transactions data released by NIBSS, the volume of transaction done via NIP dropped by 3.5 per cent in January to 542.65 million compared to the December 2022 figure of 561.31 million.

Similarly the volume of transactions via the NIP platform went down by 7.74 per cent from N42.023 trillion in December 2022 to N38.772 trillion last month. However, the transaction volume and value had risen by 55 and 45 per cent respectively when compared to 348 million volume and N26.6 trillion value recorded in January of 2022.

While the volume of transactions via the POS platform had risen by 13.04 per cent, the value of transactions on the platform had declined by 2.3 per cent. Last year a total of 85.23 million transactions with a value of N826.3 billion was transacted through the POS platform as against 96.34 million transactions with a value of N807.16 billion done in January this year.

Year on year, the industry data showed that payments made through the point-of-sale (PoS) in terms of volume increased to 96 million, a 6 percent surge from 90 million recorded in the periods under review.

Value of transactions also showed significant growth of N807 billion in January from N573 billion reported in January 2022, representing a 98 per cent rise in its value. Following the same trend, the volume of mobile transactions increased by 237 percent to 108 million in January 2023 from 32 million in January 2022, its value also rose by 124.8 per cent to N2.4 trillion from N1.1 trillion in the period under review.

Comments

CBN defies Supreme court-- Old naira notes no longer legal tender

In defiance of the Supreme Court order, the Central Bank of Nigeria, CBN, declared that the old naira notes of N200, N500 and N1000 have ceased being legal tender in Nigeria since February 10, 2023. CBN’s branch controller in Bauchi Haladu Idris Andaza made the declaration while briefing journalists on Monday in Bauchi. Last week, an ex parte order of the Supreme Court restrained CBN from implementing the February 10 deadline to stop the circulation of the old naira notes. But, Andaza insisted the old naira ceased being legal tender on February 10. “For the avoidance of doubt, CBN is ready and is open to receiving all of those old notes based on certain conditions and criteria. “Customers are free to come to the bank and deposit, which they cannot do at the commercial banks anymore because the currency has ceased to be a legal tender since the 10th of this month,” he stated. DAILY POST reported that commercial banks are rejecting old naira deposits from customers in Ilorin, the ca...

Chelsea squad of 23 players have landed safely in Germany ahead of their Champions League

Raheem Sterling, who missed this morning’s training session due to the setback he suffered prior to the draw at West Ham, remains behind but otherwise it is a strong squad selected by Graham Potter. Wesley Fofana is named in our travelling party for the first time since the 3-0 win over AC Milan in this competition back in October. Denis Zakaria also returns from injury, having missed our last three games. Mykhailo Mudryk, who was directly involved in five goals in six Champions League appearances for Shakhtar Donetsk this season, is one of three January additions in our squad. Enzo Fernandez and Joao Felix will also be looking to make their first appearances in Europe for the Blues. Full-backs Reece James, Ben Chilwell, Marc Cucurella and captain Cesar Azpilicueta all boarded the plane – the latter of which will speak to the media in tonight’s press conference at 6pm (UK time), alongside head coach Graham Potter. Chelsea’s travelling squad; Kepa Arrizabalaga Enzo Fernandez Thiag...

Dani Alves' day-to-day life in jail

Dani Alves Dani Alves remains behind bars in Brians 2 Prison, located in Sant Esteve Sesrovires, near the Catalan capital of Barcelona. He was taken to jail more than a week ago after being accused of an alleged a sexual assault in a nightclub. His lawyer, Cristabal Martell, is expected to file an appeal to request the provisional release of the Brazilian right-back. Meanwhile, La Vanguardia has published an article this Sunday in which they reveal how Alves' life in prison is, according to multiple sources, a mix of people who are official, unofficial, inside and outside the penitentiary center. The Catalan newspaper has indicated that Alves' "adaptation is being exemplary". How is Dani Alves' life in prison? They even reveal that Alves, who was arrested on January 20, accused of a sexual assault allegedly committed in the Sutton nightclub in Barcelona on December 30, has already played his first football match with the other inmates. It happened last Thursday a...

Feed9janews

Search This Blog