Mobile money transactions in Nigeria jump to N17 trillion in Q1 2024 – NIBSS

Mobile money operators (MMOs) in Nigeria, comprising the likes of OPay, Palmpay, and others, witnessed a surge in transactions in the first quarter of 2024, hitting  N17.2 trillion.

This is according to data released by the Nigeria Inter-Bank Settlement Systems (NIBSS). The mobile money transactions figure for Q1 2024 represents an 89% year-on-year. growth when compared with the N9.1 trillion transactions recorded in the same period in 2023.

An analysis of the three-month data shows that mobile money transactions maintained steady growth each month. In January, transactions valued at N5.2 trillion were recorded, and by February, mobile money deals shot up to N5.5 trillion, while the figure went up higher to N6.5 trillion in March.

By Samson Akintaro.

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