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Nigeria clocks 10+ million deals as mobile payments grow in Q3 2016

Nigeria clocks 10+ million deals as mobile payments grow in Q3 2016

The Nigerian banking industry conducted 10,865,588 mobile payment transactions in the third quarter of 2016 (Q3 2016), indicating an improvement in electronic payment adoption trends by Nigerians.

Zenith Bank
File photo shows Zenith Bank PLC Headquarters in Lagos

This is one of the key hihlights of latest statistical data by the Nigerian Bureau of Statistics, the nation’s official statistics manager, which shows that an increasing number of Nigerians are embracing mobile payment channels.

The data obtained by Technology Times from a report titled ‘Electronic Payment Channels in the Nigeria Banking Sector’, shows that a total of N223,057,440,592 was transacted using the mobile payment method during the period under review.

The record shows an increase of 2,222,070 transactions when compared to Q2 2016 when 8,643,518 transactions where done via mobile payment platforms.

The introduction of mobile telephony in Nigeria, its rapid growth and adoption and the identification of person to person payments as a practical strategy for financial inclusion, has made it imperative to adopt the mobile channel as a means of driving financial inclusion of the unbanked, according to policy makers.

These factors underscore the decision of the Central Bank of Nigeria to create an enabling environment for the orderly introduction and management of mobile payment services in Nigeria. And with this statistical data, it has also show that that Nigerians are adopting and using mobile payment services available in the banking sector.

The data also indicates an increase of 868,701 transactions via internet banking in Q3 2016 with a total of 3,526,717 compared Q2 2016 which experienced 2,658,016 Internet banking transactions. Within Q3 2016, N30,763,588,632 was transacted via internet banking, an increase of N4,487,637,064 from Q2 when N26,275,951,568 was spent using the platform.

According to the record, ATM transactions in Nigeria also totaled 157,104,579 in Q3 2016, with N1,246,798,709,648 transacted via the platform.  While transactions using Cheque amounted to 3,008,641 with value of N1,414,899,920,828 within the period.

Success Kafoi Journalist at Technology Times Media. Mobile: 08077671673 email: success.kafoi@technologytimes.ng

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