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Mobile Money Operators Record N1.2trn Transactions In 9 Months



Mobile money operators (MMOs) services gained traction between July and September this year as the volume and value of transaction done via the channels as well as the number of customers using it soared.

Data released by the Nigeria Inter Bank Settlement System (NIBSS) showed that the value of transactions done via mobile money rose from N429.79 billion to N1.22 trillion within a three month period.

The volume of transactions had likewise grown from 35.94 million that was achieved between January and June this year to 59.72 million as at the end of September this year.

The figures are however much lower than what was recorded in the 2017 January to September period. Last year, volume of mobile money transactions was 560.86 million, while value of transactions was N4.61 trillion.

Despite the decline in volume and value of transactions done via the channel, there was a rise in the number of customers using the channel. Number of mobile money operators’ customers as at last year September was 3.2 million, dropping to 1.5 million as at the end of June this year before rising to 5.54 million last month.

There has been an aggressive agents mobilisation which was also aided by the Shared Agent Network initiated by banks and the Central Bank of Nigeria (CBN). The number of agents had grown from 8,613 last year September to 13,113 in June and 21,400 in September 2018.

Meanwhile, Automated Teller Machine (ATM) transactions rose from N3.17 trillion done in 429.79 million transactions as at the end of June to N4.76 trillion done in 650.06 million transactions on 18,321 ATMs across the country.

Point of Sale transactions was also on the rise as more bank customers made use of their cards to pay for goods and services. PoS transaction volume rose from 120.79 million with a value of N1.02 trillion in the first six months of the year to 196.8 million with a value of N1.61 trillion as at the end of September this year. This shows a 99.3 per cent improvement over the 98.73 million transactions with a value of N975 billion that was recorded as at September 2017.



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