USSD Transactions Surge As Nigerians Send Tn In Six Months – Report

USSD Transactions Surge As Nigerians Send Trillion In Six Months – Report

Between January and June 2024, Nigerians conducted a staggering 252.06 million transactions, totaling N2.19 trillion, through Unstructured Supplementary Service Data (USSD) codes,…READ MORE…

according to the Central Bank of Nigeria’s latest electronic payment statistics. This figure represents a significant portion (45.3%) of the total value of USSD transactions in 2023, highlighting the growing importance of USSD in the country’s financial ecosystem.

Originally designed for telecom services, USSD codes have become a crucial tool for Nigeria’s banking sector, offering a reliable transaction platform that doesn’t require internet access—especially beneficial in rural areas with limited connectivity. Despite facing challenges like a N250 billion debt within the industry, the USSD service continues to play a key role in Nigeria’s financial inclusion efforts.

Other payment methods, such as Automated Teller Machine (ATM) transactions and Point-of-Sale (POS) services, have also seen significant growth, reinforcing the nation’s shift towards a cashless economy.

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