Mobile money transactions hit N815.47 billion

folarin okunola

October 20, 2015 11:39 AM

The CBN director further added that although the platform had already created multiple employment opportunities through the 98,158 agent in the scheme

Central Bank of Nigeria (CBN)

About N815.47 billion has been transferred through the Nigerian mobile money system since its inception, according to Mr. Dipo Fatokun, director of Banking and Payment Systems at the Central Bank of Nigeria (CBN).

Fatokun made the disclosure in Ilorin on Monday at the NDIC workshop for business editors and finance correspondents themed: “Developments in E-banking, Mobile Payments and Deposit Insurance Corporation in Nigeria”.

Fatokun, represented by Mr. Sola Agboola, assistant director of the department, said the monies were transferred by 24.4 billion customers in a total of 76.95 billion transactions as of September 30, 2015.

The CBN director further added that although the platform had already created multiple employment opportunities through the 98,158 agent in the scheme, there were still untapped opportunities within the system, stressing that the CBN and other stakeholders were putting in efforts to fill in the void.

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The CBN director listed some of the problem plaguing the system to include epileptic power supply, poor telecommunication connectivity and a lack of synergy between mobile money operators and telecommunication companies.

He also stressed the need to step up customer awareness at the grassroots, adding that the mobile money scheme was aimed at leveraging the already existing business network infrastructure as a strategy for driving financial inclusion of the unbanked section of the general population.

According to Fatokun, 21 mobile money operators have already been licensed, with eight running the pilot stage.

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