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.
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.
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