Nigeria clocks 10+ million transactions as mobile payments grow in Q3 2016

11 November 2016

Money Transfer

The Nigerian banking industry conducted 10,865,588 mobile payment transactions in the third quarter of 2016 (Q3 2016), indicating an improvement in electronic payment adoption trends by Nigerians.

This is one of the key hihlights of latest statistical data by the Nigerian Bureau of Statistics, the nation’s official statistics manager, which shows that an increasing number of Nigerians are embracing mobile payment channels.

The data obtained by Technology Times from a report titled ‘Electronic Payment Channels in the Nigeria Banking Sector’, shows that a total of N223,057,440,592 was transacted using the mobile payment method during the period under review.

The record shows an increase of 2,222,070 transactions when compared to Q2 2016 when 8,643,518 transactions where done via mobile payment platforms.

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