According to TechCabal, in January 2020, the volume of mobile payments topped 7.4 million transactions, up from 724,803 in January 2019.
Moreover, the value of transactions between July 2019 and December 2019 is nearly three times larger than the previous six months, while in 2020 transaction activity has continued to increase thanks to greater adoption of mobile payments and the COVID-19 pandemic.
Furthermore, according to NIBSS’s data, OPay is the preferred mobile payment method, accounting for 60% or of the total value of transactions in April 2020, while Paga and FirstMonie show over 15 million users.
Overall, the COVID-19 pandemic has impacted the growth of mobile payments during the lockdown. Therefore, in April 2020, when Nigeria’s lockdown was implemented, the volume of mobile payments declined by 19.6%. However, by May, when Nigeria’s lockdown measures eased, commercial activity slowly returned and mobile payments went back into growth territory, as 9.5 million transactions were made, TechCabal reported.
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