Value of Electronic Bills Transactions Drops for the First Time Since Lockdown
The use of Moblie Money and mobile payment service have increased steadily since the COVID-19 lockdown was lifted. According to the NIBSS Report, Nigerians performed 12.45 million mobile transactions in September. This is an increase of about 460 thousand from the transactions registered in August and 5.3 million recorded before the lockdown.
The number of Mobile transactions in September (12.45 million) is the highest recorded since the beginning of the year
Similarly, the number of bills paid through mobile and other electronic channels also increased in September. Over 92 thousand transactions were made during the month, an increase of about 4.6 thousand from the numbers recorded in August.
Looking at the report, the steady growth of mobile transactions can be traced to a spike during the lockdown. the numbers show that most of the people who adopted mobile transaction options due to the movement restriction kept using it even after it was lifted.
Daniel Okeowo, a tech entrepreneur told TechNext that he tried using the mobile option to pay his light bill during the lockdown and since then he hasn’t even considered visiting a payment office to pay his bill.
8% drop in value of E-bill Transactions
Similar to the volume of mobile transaction, the value of mobile transactions also increased in September. According to the report, the value of mobile transactions increased by about 6.24% from N253.06 billion in August to N268.87 billion.
The over 15 billion increase in value of transactions further buttresses the fact that more Nigerians are now trusting mobile money and other mobile payment apps for their day to day transactions.
However, while the value of mobile transactions increased, the value of E-bills transactions made during the month dropped. The value of E-bills dropped 8% from N159.87 billion in August to N146.60 billion in September.
The over N13.26 billion drop in value marked the first major fall in value since the end of the pandemic.
NIBSS numbers show a continuous and steady increase in the usage of mobile for transaction in the country. This means that Nigeria is drawing closer to a more digital inclined economy as more are more people are accepting digital forms of payment.
If you’d like to get featured on our Entrepreneur Spotlight, click here to share your startup story with us.
Get latest Technology news, reviews, business-related content with a deliberate emphasis on the African narrative and insightful analysis in Nigeria – straight to your inbox.