According to the NIBBS figures, in the month of January 2023, a total of 108.135 million transfers were made while as of September 2022, the value of mobile transactions stood at N2.37 trillion.
This comes amid the Central Bank of Nigeria’s (CBN) fresh cash swap policy which has prompted a cross-section of Nigerians to seek an alternative mode of money transfer ever since the usage of the older denominations of the N1000 and N500 naira notes was completely outlawed by the FG.
Also, there was a slight dip in the value and volume of electronic transactions carried out in January 2023 via the Nigeria Inter Bank Settlement System Instant Payment (NIP) channel as it dropped by 3.5 percent to 542.65 million compared to the December 2022 figure of 561.31 million.
