It appears that mobile devices are moving more money that bullion vans in Nigeria.

Data from the Nigeria Interbank Settlement System, NIBBS has shown that the value of transactions via mobile devices rose by 56% in the first 9 months of this year to 216 billion naira.

This is from the 2017 figure of 138 billion naira, as banks, financial technology and telecommunications companies intensify efforts to deepen financial inclusion.

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Similarly, the volume of transactions on mobile devices increased by 47% in the same period under review, according to the NIBBS data on electronic payment transactions.

But with the relaunch of NIBBS’ mCASH, a mobile banking solution, experts predict that there will be exponential increase in transactions on mobile devices in the next one year.

The mobile network operators and 16 banks came together to relaunch the mCASH, a mobile payment system for making low-value retail payments for the benefit of low-income buyers and sellers dealing in cash, earlier this year.

The initiative aims to engage about 500,000 agent networks in the next two years, who will use Unstructured Supplementary Service Data, USSD for payments and remittances.

The Managing Director/Chief Executive Officer of NIBSS, Adebisi Shonubi, said “the intention is to expand the payment opportunity for people who still use cash today to find more convenient means of making payment”.

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