Mobile transactions in Nigeria (mobile & USSD) surged by 82.6% in 2020 to stand at 1.69 billion, as covid-19 discourages physical banking.
Mobile transactions in Nigeria (mobile & USSD) surged by 82.6% in 2020 to stand at 1.69 billion compared to 928.86 million recorded in the previous year. This is according to the 2020 instant payment annual statistics, recently released by the Nigerian Inter-Bank Settlement System (NIBSS).
The report also revealed that 78% of total instant payments carried out in Nigeria in 2020 were done through the use of mobile devices.
The agency attributed the growth to the move by Nigerians away from physical channels, and the closure of most bank branches in the country during the heat of the covid-19 pandemic.
In terms of Year-on-Year performance, the volume of mobile transactions in the country grew from 506.16 million in 2019 to 933.66 million in 2020, indicating a surge of about 84.5% YoY. Also, the volume of USSD transactions grew from 422.7 million to 762.19 million, advancing by about 80.3% YoY.