Mobile Money Operators in Nigeria Process N41.5 Trillion in Transactions in Seven Months, Poised for Record Year
Data from the Nigeria Inter-Bank Settlement Systems (NIBSS) reveals that licensed mobile money operators in Nigeria, including Palmpay, OPay, and 15 others, processed transactions worth N41.5 trillion between January and July this year. This marks a significant 74% increase compared to the N23.9 trillion recorded during the same period last year.
In 2023, total transactions processed by mobile money operators reached a record high of N46.6 trillion, the highest annual figure to date. With N41.5 trillion already recorded in just seven months, the operators are on track to surpass last year’s record by year-end.
The surge in mobile money transactions mirrors the overall rise in e-payment usage across Nigeria. NIBSS reported that transactions via all electronic channels reached N566.3 trillion from January to July 2024, already nearing the N600 trillion total for 2023, with five months of data yet to be recorded.
Analysts attribute this increase to the cashless policy implemented by the Central Bank of Nigeria (CBN) and the recent cash crunch, which have driven more Nigerians to embrace digital payments. The CBN’s revised policy, effective January 9, 2023, limits weekly cash withdrawals to N500,000 for individuals and N5 million for corporate organizations, further accelerating the shift to electronic transactions.
Source: Nairametrics
