Economy
Mobile Transactions in Nigeria Rise 384% to N1.4tr in Seven Months
By Adedapo Adesanya
The value of financial transactions carried out via mobile transactions amounted to N1.4 trillion from January to July 2020 as more Nigerians had to use the medium due to the limitations brought about by the coronavirus pandemic.
The figure indicated a 384 per cent rise compared to N289 billion recorded in the same period of 2019.
According to the e-payment data released by the Nigeria Inter-Bank Settlement Systems (NIBSS), the amount transferred through mobile platforms in the last seven months has surpassed the total value of mobile transfers recorded in the 12 months of 2019, which stood at N828 billion.
NIBSS revealed that the volume of the mobile interscheme transactions also rose by 485 per cent from 10.9 million recorded between January and July 2019 to 63.8 million in the same period of 2020.
In a breakdown of the seven months figures, the financial body disclosed that the sum of N133.2 billion was transferred via mobile in January this year.
In February, transactions worth N148.3 billion were carried out, while in March, a total of N169.8 billion was recorded as mobile transfers.
In April, a total of N172 billion was transferred over mobile, while the figure stood at 230.2 billion in May.
The steady rise continued well into June and July as they rose to N245.9 billion and N275 billion respectively. This means July has recorded the highest transactional value so far.
The NIBSS data showed that electronic payments through the various platforms made available by banks and facilitated by system sustained their gains in the period under review. For instance, transactions over Point of Sales (PoS) rose by 41 per cent as the value of transactions on the platform across the country stood at N2.4 trillion in the seven months, compared with N1.7 trillion recorded in the same period of last year.
The NIBSS data showed that in January 2020, N313.4 billion worth of transactions were carried out over the PoS, an amount which is 41 per cent higher than the N222.9 billion recorded in January 2019.
In February 2020, the value grew by 69 per cent from N193.4 billion in 2019 to N326.0 billion. In March 2020, N368.9 billion worth of transactions were conducted, an amount which is 70 per cent higher than the N217.5 billion recorded in 2019.
By April, the value of transaction declined slightly to N272 billion, this was, however, higher than the N246 billion recorded in April 2019 by 11 per cent.
This changed in May as transactions worth N358 billion was recorded, a 39 per cent growth over N257.7 billion recorded in the same period last year.
The value of PoS transactions in June stood at N364.7 billion, which was 48 per cent higher than N245.9 billion recorded in June 2019. In July, the value jumped to N416.7 billion, a 49 per cent growth over N279.5 billion recorded in the same period last year.
In terms of volume of transactions, the e-payment platform also recorded 46.9 per cent increase as the volume of the PoS transactions for the seven months stood at 332 million compared with 226 million recorded in the same period of last year.
Analysis of the monthly volume showed that in January, the total volume of PoS payments was 41.30 million; 46.07 million in February and 52.25 million in March 2020. In April, the volume dropped to 40.8 million while it increased to 48.3 million in May. By June, the transaction volume rose to 49.4 million, while 53.9 million was recorded in July.
Out of a total of 548,592 terminals registered by Nigerian banks, only 360,534 had been actively deployed for use as of July, NIBSS data showed. This indicated that 188,058 PoS terminals were inactive.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange fell by 0.24 per cent on Friday, April 25 after the duo of FrieslandCampina Wamco Nigeria Plc and Afriland Properties Plc landed on the losers’ table.
FrieslandCampina Wamco Nigeria Plc depreciated by N2.58 to sell at N35.37 per unit compared with the previous day’s N37.95 per unit, and Afriland Properties Plc lost 2 Kobo to close at N17.78 per share versus Thursday’s closing value of N17.80 per share.
However, Geo-Fluids Plc appreciated by 10 Kobo during the trading day to sell for N1.80 per unit, in contrast to the preceding session’s N1.70 per unit. The rise in the price of the stock could not prevent the fall of the bourse yesterday.
Consequently, the market capitalisation of the trading platform went down by N4.64 billion to N1.914 trillion from N1.918 trillion and the NASD Unlisted Security Index (NSI) declined by 7.92 points to 3,269.06 points from 3,276.98 points.
The final trading session of the week ended with a surge of 1,695.8 per cent in the volume of securities transacted to 3.7 billion units from the 206.2 milion units transacted in the previous trading day.
Equally, the value of transactions jumped by 2,592.6 per cent to N9.5 billion from N354.1 million on Thursday, and the number of deals decreased by 47.4 per cent to 20 deals from the 38 deals recorded a day earlier.
Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 533.9 million units sold for N520.9 million, followed by Geo-Fluids Plc with 259.3 million units worth N456.1 million, and Okitipupa Plc with 153.6 million units valued at N4.9 billion.
Also, Okitipupa Plc remained the most active stock by value on a year-to-date basis with 153.6 million units valued at N4.9 billion, trailed by FrieslandCampina Wamco Nigeria Plc with 15.6 million units worth N598.5 million, and Impresit Bakolori Plc with 533.9 million units sold for N520.9 million.
By Dipo Olowookere
A 0.30 per cent fall was recorded by the Nigerian Exchange (NGX) Limited on Friday as a result of profit-taking in the industrial goods sector.
This was mainly caused by sell-offs in Dangote Cement Plc, which released its financial statements for the first quarter of 2025 yesterday.
The cement maker lost 10.00 per cent during the session to trade at N432.00, Regency Alliance lost 8.06 per cent to close at 57 Kobo, VFD Group depreciated by 7.57 per cent to N17.10, Chams declined by 7.27 per cent to N2.04, and Sovereign Trust Insurance crashed by 6.12 per cent to 92 Kobo.
Conversely, International Breweries, Legend Internet, and Ikeja Hotel gained 10.00 per cent each to sell for N7.70, N6.82, and N12.10 apiece, Vitafoam Nigeria surged by 9.93 per cent to N44.85, and Eterna rose by 9.92 per cent to N39.90.
The industrial goods index was down by 4.73 per cent on Friday, as the others finished in green territory.
The consumer goods space rose by 2.21 per cent, the banking sector appreciated by 1.55 per cent, the insurance counter expanded by 1.50 per cent, the energy sector increased by 0.07 per cent, and the commodity industry went up by 0.04 per cent.
At the close of transactions, the All-Share Index (ASI) went down by 321.21 points to 105,753.05 points from 106,074.26 points and the market capitalisation shrank by N202 billion to N66.465 trillion from N66.667 trillion.
The level of activity increased yesterday as the trading volume, value, and number of deals grew by 30.40 per cent, 94.23 per cent, and 17.64 per cent, respectively.
This was because investors transacted 428.1 million shares worth N20.2 billion in 14,284 deals compared with the 328.3 million shares valued at N10.4 billion in traded in 12,142 deals a day earlier.
GTCO led the activity chart with 60.7 million equities sold for N3.8 billion, Fidelity Bank traded 41.4 million stocks worth N829.3 million, Access Holdings exchanged 40.6 million shares valued at N968.3 million, MTN Nigeria sold 33.0 million equities for N8.2 billion, and Zenith Bank transacted 22.9 million stocks worth N1.1 billion.
By Adedapo Adesanya
The Naira extended its gains against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, April 25 by 0.22 per cent or N3.59 to sell for N1,599.42/$1 compared with the N1,603.01/$1 it was traded in the previous session.
The Nigerian currency also improved its value against the Euro in the official market by N1.36 to close at N1,818.53/€1 compared with Thursday’s closing price of N1,819.89/€1.
However, the domestic currency depreciated against the Pound Sterling in the same market segment yesterday by N1.90 to wrap the session at N2,130.44/£1 versus the preceding session’s rate of N2,128.50/£1.
At the black market segment, the Naira appreciated against the greenback on Friday by N2 to quote at N1,605/$1, in contrast to the previous day’s value of N1,607/$1.
In the cryptocurrency market, a possible regulatory progress about digital assets in the US spurred buying interest among investors during the trading session.
The chairman of the US Securities and Exchange Commission, Mr Paul Atkins, was at a crypto roundtable on Friday and he devoted his inaugural speech to assuring the industry that he will continue to remake securities policy to favor digital assets innovation.
Litecoin (LTC) rose by 3.0 per cent to $87.24, Dogecoin (DOGE) grew by 2.7 per cent to $0.1862, Bitcoin (BTC) increased by 1.3 per cent to $94,687.84, Ethereum (ETH) jumped by 1.2 per cent to $1,797.51, Cardano (ADA) improved by 0.9 per cent to $0.7235, and Ripple (XRP) gained 0.6 per cent to close at $2.20.
On the flip side, Solana (SOL) depreciated by 0.9 per cent to $151.64, and Binance Coin (BNB) lost 0.8 per cent to sell for $602.89, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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