Nigeria Mobile Instant Pay Users reached 11 million, proves cashless policy moving forward
A report from the recent event hosted by NIBSS (
Nigeria Inter-Bank Settlement Systems), on POS innovation, revealed that Nigeria Instant Pay users have reached 11 million. Since the introduction of mobile phones in the country, during the first democracy, led by the former President Olusegun Obasanjo, cashless policy has been the order of the day.
The policy brings about innovation into the banking system and the introduction of financial technology startups in Nigeria. With, ATM, quickteller, Paga and other leading the scene.
Out of the 11 million users, 77 percent mostly makes transactions on SMS or as it is called USSD. These implies that smartphones are not the only phones used for instant pay, also, feature phones are also utilised. Though, no information with respect to types of mobile phones used to carryout these transactions.
It is of no doubt that mobile is the future of Payment. In fact, the executive director of technology and operations, Mrs. Christabel Onyejekwe, NIBSS revealed this fact. Recent times, rave from flutterwave, Paystack, Piggybank, Paylater, Alat by wema and others are leading the indigenous mobile instant pay while MasterCard and visa are leading in the international instant pay in Nigeria.