Monday
August 29
2016

Mobile Payments Drop By 85% In 2016

Nigerians’ interest in mobile banking and payments have begun to wane as the volume and value of transactions consummated on the mobile platform has dwindled by more than 85 per cent in the first seven months of 2016.

Total volume of mobile payment transactions recorded from January to July 2016 stood at 3.41 million as against 22.76 million mobile payment transactions done in the first seven months of 2015 and full year 2015 figure of 43.93 million transactions.

The seven months figure of 3.41 million transactions recorded in 2016 was lower than 3.599 million mobile money transactions that was done in March 2015. This signifies a rapid reduction in interest in the use of the mobile payment platform by Nigerians.

According to data released by the National Bureau of Statistics (NBS) total value of mobile payment  transactions done between January and July 2016 stood at N77.87 billion, a far cry from N442.35 billion that had changed hands through mobile money transactions in 2015.

Source: Leadership Nigeria (link opens in a new window)

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Tags
financial innovation, fintech, mobile banking, mobile money