Registered mobile users in Nigeria did transactions worth N2.37 trillion in January 2023, the Nigeria Inter-Banking Settlement Systems has revealed in a recent data report.
NIBSS said this represents a 125 percent increase compared to the volume of transactions recorded in the same period last year.
The NIBSS is owned by the Central Bank of Nigeria and all licensed Deposit Money Banks in Nigeria. It is charged with handling inter-bank payments in order to remove potential bottlenecks associated with inter-bank funds transfer and settlement.
This increase comes amidst the scarcity of cash in the country caused by the redesign of some of the N200, N500, N1000 naira notes.
The report also revealed that the volume of mobile transactions in Nigeria, Africa’s largest economy rose by 55 percent on a year-on-year basis to 108.1 million in contrast to 32.6 million transactions registered in January 2022.
In October 2022, Governor of the Central Bank of Nigeria, Godwin Emefiele had announced plans to redesign the N200, 500, N1,000 notes which he said were necessary to help reduce the amount of cash in circulation and also aid the cashless policy.
The apex bank boss had said that the naira redesign would help to rein in the currency outside the banking system and deepen its cashless economy drive which will minimise incidents of terrorism and kidnapping.
According to the CBN’s new cashless policy, daily cash withdrawal over the counter had been limited to N500,000 for individuals while corporate organisations are allowed N5 million.
Withdrawals for daily use from the ATM were also limited to N20,000 per person per day. But following the deadline for the return of the old cash, Nigerians have bemoaned unavailability of the new cash.