Mobile bank transactions in Nigeria have hit eight point seven trillion naira within a five-year period as the number of telecommunication subscribers rises to one hundred and ninety-five million, one hundred and twenty-eight thousand, two hundred and sixty-five.
The Nigeria Interbank Settlement System and Nigerian Communications Commission made this known in a report.
The report titled ‘Instant Payments – 2020 Annual Statistics’, revealed that the COVID-19 pandemic changed the electronic payments method and increased the use of instant payments as more people switched to electronic channels for funds exchange.