skip_previous play_arrow skip_next
00:00 00:00
playlist_play chevron_left
  • cover play_arrow

    Music 24/7 - Feel the vibe
    Online Radio

  • cover play_arrow

    Talk Shows - Stay Updated
    Online Radio

  • cover play_arrow

    Pillars and Plants - Gospel
    Online Radio

  • cover play_arrow

    Audio Stories - A new movie experience
    Online Radio

  • cover play_arrow

    Welcome to the Leading Lifestyle Internet Radio
    Online Radio

  • Home
  • keyboard_arrow_right Business
  • keyboard_arrow_right IMF: COVID-19 Raises Nigeria’s Mobile Banking To N16tn


IMF: COVID-19 Raises Nigeria’s Mobile Banking To N16tn

Online Radio November 4, 2021 18

share close

The value of mobile money transactions rose to 9.72 percent of Nigeria’s Gross Domestic Product in 2020 as the COVID-19 pandemic lockdowns allowed more people to use Internal banking and other digital transaction.

However, the number of registered mobile money agent outlets per 1,000km2 reduced to 141.81, according to the International Monetary Fund Financial Access Survey report.

In the Financial Access Survey, the IMF said the value of mobile money transactions increased from 3.04 (N4.18tn) per cent of GDP in 2019 (N4.18tn) to 9.72 per cent of the GDP in 2020 (N16.01tn). Representing a growth of 283 per cent.

As the value of transactions increased, the total number of agent outlets per 1,000km2 reduced from 160.08 in 2019 to 141.81 in 2020.

According to the World Bank, Nigeria’s GDP was N164.71tn ($432.3bn) in 2020, and N137.54tn ($448.1bn) in 2019.

The report read in part, “Social distancing and lockdowns have reinforced the use of digital financial services, and the latest FAS data confirm this \development.

“Mobile money usage increased significantly in low- and middle-income economies, with the value of mobile money transactions as a share of GDP increasing by two percentage points on average for low- and lower middle-income economies in 2020.

“The number and the value of mobile and internet banking transactions also grew for all country income groups, most notably among upper middle- and high-income economies.”

According to the Nigerian Inter Bank Settlement System, the pandemic changed the e-payments landscape and accelerated the adoption of instant payments as people moved to electronic channels for funds exchange in the wake of lockdowns.

Tagged as: , , .

Rate it
Previous post
Post comments (0)

Leave a reply

Your email address will not be published. Required fields are marked *