Mobile banking transactions in Nigeria increased by 125% in January which is equivalent to 2.37 trillion, the increase is caused by the banknotes scarcity in the country.
Nigeria Inter-Bank Settlement Systems (NIBSS) revealed the information. The agency also summed up that the volume of mobile transactions in the largest African economy rose by 55% year-on-year to 108.1 million in contrast to 32.6 million transactions registered in January 2022.
Few new notes in circulation in the country and cash transactions have been hard to come by in the country, as many had to endure long queues in banking halls, ATMs, and point of sale (POS) in other to get cash.
Recall, that the apex bank made a decision to redesign higher naira denominations and phase the old notes out of the economy.