Mobile payments grew 400% in Nigeria

The COVID-19 pandemic drives the adoption of mobile payments

mobile payments

Mobile payments grew 400% in Nigeria. Source: pixabay.com

TechCabal has published research revealing that mobile payments in Nigeria have grown by 391% since May 2019.

As of January 2020, the mobile payments volume surpassed 7.4 million transactions, compared to 724,803 a year before.

Nevertheless, the study highlights that lockdown imposition has affected the boost of mobile money over the last 3 months. For instance, in April, the total volume of mobile payments dropped by 19.6%.

What is more, it has affected Lagos state, which is also a Nigerian commercial capital, by restricting the commercial activity of essential services. Consequently, less commercial activity caused less necessity for making physical transactions with agents.

Besides, the coronacrisis turned the use of cash into a health concern, making people switch to online payments and e-wallets.

As Nigeria’s lockdown measures eased in May, the volume and value of mobile payments have risen to its highest ever. In fact, 9.5 million transactions, worth ₦230 billion were carried out that month.

We’ve reported that the Royal Bank of Scotland has announced the launch of a new payment solution in Scotland called ‘Tyl’. It is designed to simplify the process of receiving payments for small business customers thus maintaining cash flow.

SEE ALSO: