Customers of the country’s banks transferred a total of 771.9 billion naira to mobile devices in September, New Telegraph has learned. This represents a growth of 7.2% from the 719.4 billion naira recorded the previous month.
This brought the total value of mobile transfers between January and September to 5.06 trillion naira. With the nine-month record high, the value of mobile transfers for the year could more than double that of last year, which stood at 3.05 trillion naira.
According to statistics released by Nigeria Inter-Bank Settlement Systems (NIBSS), the volume of cross-system mobile transactions also increased by 1.1%, from 26.6 million recorded in August to 26.9 million in September. Analysis of the transaction value for the nine months showed that 390.5 billion naira were transferred via mobile in January of this year.
In February, transactions worth 407.8 billion naira were made via mobile, while in March a total of 480.9 billion naira was recorded as mobile transfers. In April, a total of 502.7 billion naira was transferred by customers of banks across the country, while the figure rose to 526.9 billion naira in May.
Data showed that a total of N603 billion was transferred via mobile in June. In July, mobile transactions valued at 665 billion naira were recorded, while the monthly transfer figure rose to 719 billion naira in August. September’s figure is the highest monthly value recorded so far.
Throughout the past year, the total value of mobile transfers in the country stood at 3.05 trillion naira, reaching an unprecedented annual figure. With the nine-month figure already exceeding that figure, a new record has been set this year. Likewise, NIBSS data revealed that the value of bills paid electronically reached 196.2 billion naira in September.
Compared to the 192.6 billion naira recorded in August, this represents an increase of 1.8 percent. The volume of electronic invoices also fell from 89.6 million in August to 107.9 million in September.
E-Bills Pay is an account-based, real-time online product that facilitates paying bills from an account. It provides instant credit for payments and receipt of collections on behalf of Factors / Merchants recruited on the platform.
Currently, the platform is used for payments such as utility bills, cable TV subscriptions, hotel and airline reservations, tuition fees, and airtime recharging. According to NIBSS data, more and more Nigerians are now adopting electronic bill payment instead of paying in cash.
Meanwhile, as more Nigerians embrace electronic payment, fraudsters have also upped their game in their attacks, leading to an 186% increase in financial fraud, from 16,128 in 2019 to 46,126 in 2020.
According to the recently released fraud report by NIBSS, criminals are focusing more on the mobile payment system, hence the increase in mobile fraud attempts.
by 330% between January and September of last year. The shift in focus to mobile is perhaps no stranger to the fact that many banking customers now rely on their mobile for their financial transactions.
This is also evident from the NIBBSS Mobile Transactions Report, which showed that bank customers transferred a total of 3.05 trillion naira via mobile in 2020. This was a record high, representing a whopping 268% increase over time. compared to 828 billion naira. registered in 2019.
Besides mobile, the NIBSS in the Q3 2020 Fraud Report found that scammers were also targeting online payment and point-of-sale (PoS), both of which saw a 173% and 215% increase in fraud attempts during the nine months.
According to the report, the financial system lost a total of 5.2 billion naira to fraudsters in nine months. He added that the scammers attempted to attack 46,126 times and were successful 41,979 times, which is 91%.
The NIBSS said: âThe growing trend of financial fraud would continue as Nigeria further develops financial inclusion and customers become increasingly dependent on electronic channels for their day-to-day transactions.
He therefore urged financial institutions to be ready to quickly detect and prevent any fraudulent activity from negatively impacting customer perceptions of its platforms and products while also ensuring that customers are sufficiently informed and insightful to identify and reject
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