Digital banking in Nigeria is growing as more people embrace the ease of technology-enabled financial transactions.
BusinessDay highlights five charts that show the rapid growth of digital banking in the country.
The value of point-of-sale (POS) transactions has more than tripled to N699.7 billion in 2021 from N167.5 billion in 2017, according to data from NIBSS.
This is largely as a result of the ease associated with the channel, as well as access, most POS users told BusinessDay.
Mobile transactions are information exchanges, primarily related to finances, that happen over cell phone networks, including web based sales where consumers navigate websites on their phones to make purchases online.
Following the ease of lockdown by the federal government in 2021, more Nigerians are opting to use mobile money and electronic banking for transactions.
Mobile transactions more than doubled in 2021 compared to 2020 and up 51 times from 2017 levels.
Read also: Winning the war against digital fraud – three possibilities
Electronic bill (E-bill) payment is a process that companies use to collect payments electronically through systems including the internet, direct-dial access, and automated teller machines (ATMs). According to NIBSS, this channel has become a core component of online banking at many financial institutions today.
E-bill payments hit N230 billion in 2021, an increase of 26 percent.
The number of Nigerians that have now adopted the use of unstructured supplementary service data (USSD), have continued to grow. With the percentage increase of 33.3, and 81.2 respectively, experts say there are still opportunities for new entrants who want to solve Nigeria’s digital inclusion gap, especially for the huge unbanked population.
According to a EFInA, active digital financial services users as of 2020 is 106 million at 28 percent, compared to 100 million at 16 percent in 2018.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
