{"id":59626,"date":"2022-05-17T11:52:21","date_gmt":"2022-05-17T10:52:21","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=59626"},"modified":"2022-05-17T11:52:21","modified_gmt":"2022-05-17T10:52:21","slug":"fintech-and-mobile-payment-will-increase-in-2022","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/fintech-and-mobile-payment-will-increase-in-2022\/","title":{"rendered":"Fintech And Mobile Payment Will Increase In 2022"},"content":{"rendered":"

Bismark Rewane, the Managing Director\/Chief Executive Officer of Financial Derivatives Company Limited has expressed that Fintech and mobile payments will increase during the year.<\/p>\n

According to Rewane,\u00a0“There will be a surge in Fintech and mobile payments. While the increased level of activities will be supported by 5G operations, the sector will consolidate within the year.” (First Bank Nigeria Economic Outlook Webinar 2022)<\/p>\n

In January 2020, the volume of mobile payments topped 7.4 million transactions, up from just 724,803 in January 2019. That impressive growth has been consistent with payment traction trends since July 2019. The value of transactions between July 2019 and December 2019 nearly three times larger than the previous six months.<\/p>\n

In 2020, transaction activity has continued to rise thanks to greater adoption of payments using mobile phones and the COVID-19 pandemic.<\/p>\n

This is gradually becoming a norm as banks and telecommunications companies delve and invest more into electronic payment services, similarly as the semblance of Airtel and MTN Nigeria have acquired AIPs conceded by the Apex Bank to operate their respective PSBs.<\/p>\n

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