By: Damian Okonkwo
Nigeria's mobile banking transactions have seen a significant rise in January 2023, with an increase of 125%. According to data released by the Central Bank of Nigeria (CBN), the total value of transactions in the country was N2.37 trillion ($6.2 billion) in January 2023. The surge in mobile banking transactions can be attributed to the government's push for a cashless policy and the lingering cash drought in the country.
In a bid to encourage the shift to digital transactions, the Nigerian government has been advocating for a cashless policy, which aims to reduce the dependence on physical cash and promote the use of electronic payment systems. The policy has led to increased awareness and adoption of mobile banking, with millions of Nigerians turning to digital financial services to carry out transactions.
The increase in mobile banking transactions has not only provided a convenient option for citizens, but it has also helped to boost the country's financial system by reducing the circulation of physical cash and reducing the risks associated with cash-based transactions. The data released by CBN shows a significant increase in the number of digital transactions, including mobile banking, internet banking, and Point of Sale (PoS) transactions.
In all, the current push for a cashless policy in Nigeria has led to a significant increase in mobile banking transactions in January 2023. The rise in digital transactions could be regarded as a positive development for the country's financial system, as it reduces the circulation of physical cash and enhances financial inclusion. The government and financial institutions are expected to continue their efforts to promote digital financial services and make them accessible to the masses.