Financial transactions through mobile phones took a great leap in the first five months of this year as it rose by 365 percent. The latest statistics released by the Nigeria Inter-Bank Settlement Systems (NIBSS) revealed that Nigerians transferred a total of N853.7 billion between January and May this year through their mobiles.
In the same period of 2019, the value of mobile transfer was N183.7 billion. The five-month mobile transfer value for this year also surpassed the value for the entire 12 months of 2019, which stood at N828 billion.
According to the NIBSS data, the volume of the mobile inter-scheme transactions also rose by 561 percent from 6.2 million recorded in the first five months of 2019 to 41 million in the same period of 2020…
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