Mobile transactions have risen by N8.981 trillion between the first seven months of 2019 and the corresponding period of 2022.

They have risen from N289.12bn to N9.27tn, according to data from the Nigeria Interbank Settlement System.

This is as the value of cheque transactions fell by 31.42 per cent, from N2.67tn in January to July 2019 to N1.83tn in the corresponding period of 2022.

The growth in the use of mobile payment gateways began to surge from 2020 due to COVID-19, while the decline in the use of cheques also began around the time.

While mobile transaction was witnessing a surge because of COVID, the total value of amounts cleared via cheques began to witness a decline.

Within the first seven months of 2019, the value of the cheques cleared was N2.67tn, in 2020 it declined to N1.86tn, and N1.85tn in 2021, before maintaining its steady decline in 2022 at N1.83tn.

In its ‘Instant Payments 2020 Annual Statistics,’ the NIBSS asserted that mobile devices drove electronic payment in 2020 as they accounted for 43 per cent of total transactions.