According to the Electronic Payment Fact Sheet by the Enterprise Intelligence Unit of the Nigeria Inter-Bank Settlement System Plc (NIBSS), the total value of transactions via mobile money operators in Nigeria for Q1 2018 was ₦329.12 billion.
The fact sheet reveals that mobile money services remain one of the channels with the lowest transaction volumes as well as value.
The total transaction volume conducted over mobile money operations was 15.25 million. This is an indication that its adoption is still very low compared to other payment channels.
The fact sheet also shows that the total number of customers on mobile money services is 1.5 million which is arguable, considering that Paga recently claimed to have provided financial services to more than 8 million users on its platform, after reaching the 5 million user milestone 2 years ago.
Another item worthy of note is that electronic fund transfers recorded a total of ₦2.75 trillion in value for the quarter.
Adoption and penetration of Point of Sales (PoS) terminals is still very low, the total number of connected and deployed terminals as at March 2018 is 170,306. However, the total transaction value is higher than that of mobile money operations at ₦470 billion.
Activities over Automated Teller Machines (ATM) recorded the highest number of deals at 212.37 million for ₦1.57 trillion in value. With the number of transactions on ATMs, we can conclude that Nigeria is still a cash-based economy.
NIBSS Instant Payment (NIP) had the highest value for the quarter with ₦17.8 trillion while web payments accounted for the lowest with ₦60.74 billion.
You can download the Electronic Payment Fact Sheet here (PDF).
Nigerian startups raised $17.6m in Q1 2019, 8.5% higher than they did in Q1 2018. Find out more in the latest quarterly edition of the Nigerian Startup Funding Report here.