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Significant increase in mobile money subscriptions drives Nigeria’s volume of Online Transfer transactions to N120.27trn in Q42020

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By Azuka Christopher

MON 26 APRIL, 2021-theGBJournal- The volume and value of mobile money transaction in Nigeria significantly grew in Q4 2020, reflecting the continued growth in mobile money subscriptions across the country.

The latest Selected Banking Sector Data released by the National Bureau of Statistics (NBS) showed that total volume of 3,464,811,083 transactions valued at N356.47trn was recorded in Q4 2020 as data on Electronic Payment Channels in the Nigeria Banking Sector.

The data revealed that online transfers dominated the volume of transactions recorded. Overall, 2,227,449,949 volume of Online Transfer transactions valued at N120.27trn were recorded in Q4 2020, 19.24% Q-on-Q growth.

NEFT (National Electronic Fund transfers) transfers during the period under review was valued at N96.088 trn, 25.48% growth Q-on-Q and 47,257,928 in volume, 18.41% Q-on-Q growth.

USSD transfers value in Q4 2020 totalled N1.632 trn, 22.64% growth Q4 on Q3 2020 and 145,581,469 Q4 2020 (Volume), 9.00% growth.

However, RTGS transfers (Real-Time Gross Settled) transactions saw significant drop with value dropping -2.67% Q4 on Q3 2020 to N112.958 trn. Total volume was clocked at 1,473,983 or -18.08% drop.

MOBILE APP TRANSFERS (Not Mobile Money) was valued at N9.919 trn, 10.86% (Q4 on Q3 2020 Value) increase and 10.80% Q4 on Q3 2020 (Volume) increase to 124,163,183.

The data also reflected significant drop in ATM TRANSACTIONS. 455,259,043 was recorded as volume during the period under review, which is valued at N4. 545 trn, equivalent to -14.11% and -10.06% drop, respectively.

POS TRANSACTIONS usage saw increases of 32.12% or 214,849,612 in volume usage and 25.49% Q4 2020 Value increase to N1.516 trillion in value.

These higher valuations are reflective of increasing mobile app and wallet usage.

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