Mobile transactions continue to grow in Nigeria

Mobile transactions continue to grow in Nigeria

The Central bank of Nigeria has noted that over 37.33 million transactions with total value of ?589.34 billion was recorded, across mobile money ecosystems, as at October 2016. The final figure at Dec 31, 2016 is not yet available.

Speaking at a local event, Chai Gang, who represented the Director, Banking and Payment System at the apex bank stated that since the launch of mobile money few few years ago, the scheme has experienced significant transaction both in number and value year to year.

“We know there are challenges making mobile money not to have gotten the desired attention and subsequent growth, but we are glad to announce that mobile money has continued to experience growth of 2.29 million transactions with a total value of ?31.50 billion in 2012 to 27.74 million transactions with a total value of ?339.23 billion in 2014. It has also moved up to over 37.33 million transactions with total value of ?589.34 billion by October 2016,” he stated

Naira exchanges for $1 in the interbank at about N325.

 

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