GSMA Puts Global e-Transaction Figure At $1.3bn per day in 2018
…As Nigeria’s USSD Transactions Hits N261m
In a newly published release by GSMA, the global mobile money industry processed transactions worth $1.3 Billion per day in 2018, with digital transaction values growing at more than twice the rate of cash transactions.
According to GSMA’s eighth annual ‘State of the Industry Report on Mobile Money’, at the end of 2018, there were more than 866 million registered accounts in 90 countries, accounting for a 20 percent increase from 2017. The report offers a current snapshot of the mobile money landscape and highlighting the impact that greater financial inclusion has on lives, economies, and innovation, especially in emerging markets.
Meanwhile, the use of interbank instant payments on Unstructured Supplementary Service Data (USSD) platforms by bank customers received a significant boost in 2018, growing by 35 percent in one year.
A new report published by the Nigeria Inter-Bank Settlement Scheme (NIBSS) indicates that N261.7m worth of instant transfer transactions using the USSD or shortcodes of various banks were conducted in 2018, as against the 2017 figure of N92.4m.
NIBSS recognized Lagos State as the hub for instant payments with 24 percent of total transactions initiated from the state. The FCT and Rivers came in joint second with six percent respectively of total transactions,” NIBSS said.
Gombe, Yobe, Kebbi, Zamfara and Jigawa states were identified as regions in the country with the least number of NIP transactions.
Responding to the global figures, Director General, GSMA, Mats Granryd said: “Our research shows that for the world’s most vulnerable, the benefits of mobile money are real and wide-ranging. Throughout 2018, the GSMA has continued to support operators in reaching customers that have traditionally been underserved by the financial system”.
While linking the rate of internet growth with the rise in mobile transactions, Granryd observed that the mobile money industry is fast-evolving against a backdrop of increasing internet access and smartphone adoption, and now more than ever, mobile’s unparalleled global scale provides a tremendous opportunity to reach the 1.7 billion people who remain financially excluded.