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Gbeminiyi Ogunleye
2 weeks ago
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Nigerians sent N2tn via USSD codes in six months Report - Tech Arena Community
The Central Bank of Nigeria’s electronic payment statistics have shown that, between January and June 2024, 252.06 million transactions, which amounted to N2.19tn, were carried out via Unstructured Supplementary Service Data codes.
This is a significant milestone compared to the full-year data for 2023, which showed that N4.84tn was transacted via USSD codes across 630.6 million transactions.
The N2.19tn recorded in the first half of 2024 represents 45.3 per cent of the total value of USSD transactions in 2023 and 40 per cent of the total transaction volume for the same year.
Initially developed by telecom companies for providing airtime and subscription services, the USSD service has been widely adopted in the banking sector because it does not require an Internet connection.
Credit: Punch