Nigeria’s financial transactions through mobile devices grew by 144.9% during the first 11 months of the year, according to the latest data. 

Transactions between January and November this year reached a total of 609.9 million, more than double the previous year’s 249.0 million, Ripples Nigeria online newspaper reported, citing data from Nigeria Interbank Settlement System.   

The total value surged by 156.5% year-on-year to 17.1 trillion nairas ($37 billion), while transactions at the point of sale (POS) rose by 25.3% to 1.1 billion nairas.   

The total value also jumped 33.3% year-on-year to 7.6 trillion nairas. 

However, the volume of cheque transactions fell by 9.5% to 3.8 billion during the same period.   

(Editing by Cleofe Maceda; Cleofe.maceda@lseg.com)