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The Nigerian Banking Industry Made 10,865,588 Mobile Payment Transactions In Q3, 2016.

There’s no denying that Nigeria is becoming increasingly reliant on mobile devices. Consumers continue to embrace technologies that support mobile credit card processing and mobile banking, among others.

The National Bureau of Statistics recently released a report of electronic payment channels in the Nigeria banking sector Q3 2016; the report revealed that the Nigerian Banking Industry conducted 10,865, 588 mobile payment transactions in the third quarter of 2016, a significant increase from the 8,643,518 in the second quarter of 2016.

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Mobile has also beaten out Internet banking — Nigerians made about 3,526,717 web transactions in Q3, 2016 as opposed to 2,658,016 transactions made in the previous quarter. Meanwhile, the value of mobile transaction rose to N223,057,440,592 in Q3 2016 from N168,284,644,032 in Q2 2016, while the value of Internet banking rose to N30,763,588,632 in Q3 2016 from N26,275,951,568 in Q2 2016.

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Although the report didn’t reveal the age demographics, it is evident that Millennials are clearly out in front when it comes to mobile banking, and that is a good thing!

Image Source: Screenshot from NBS

 

Update: Corrected an error with the figures

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    8 comments on “The Nigerian Banking Industry Made 10,865,588 Mobile Payment Transactions In Q3, 2016.

    1. pWilliams says:

      sure who wouldn’t want a hassle free transaction…. although there some glitches in the system sha…am hopeful it will get better as we progress

    2. kaybang says:

      For a country with very poor internet technology infrastructure, this is great. I don’t like using it cus it’s quite shyte but hopefully it will get better

    3. Tee says:

      we are getting there… little by little

    4. Victor Molokwu says:

      This is quite impressive, would have been more if we weren’t in recession.

    5. ỌBÁDÁRÀ says:

      … WELL, THIS IS THE KIND OF NEWS I LIKE READING. AM PART OF THIS COLLATED DATA. WE CAN ONLY KEEP GROWING. SOME PARTS OF CHANGE THAT AM SEEING…

    6. Rotimi Popoola says:

      Wow this is really impressive

    7. People are embracing technology. Good one. #itsallisay

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