Telecom operators make a case for their inclusion

Bankers gathered in Lagos, for the annual Chartered Institute of Bankers in Nigeria (CIBN) lectures, to chart the way forward for the profession.

This year’s theme was “The Changing Global Retail Banking Landscape: How Competitive are Nigerian Banks?”

Notable among the speakers was Mr. Segun Ogunsanya, ‎the Chief Executive Officer and Managing Director of Airtel Nigeria.

During his lecture Mr. Ogunsanya called on the Central Bank of Nigeria(CBN) to create a regulatory framework that will enable Telecom companies offer mobile money services.

Adding that the current law that allows only banks to offer mobile money services with the telcos as technical support, has not fully harnessed the potential inherent in the un-banked demography of Nigeria.

According to the Airtel CEO, “The overwhelming majority of the adult population is unbanked; however, mobile penetration is approximately 78%. The market opportunity for mobile money is therefore vast. The number of mobile money transactions has increased at a rapid rate over the past 3 years - further adoption will be driven by increased awareness.”

Adding that the inclusion of telecom companies as mobile money service providers, will help the Central Bank speedily achieve its cashless policy.

Airtel has been involved in mobile money services in Ghana. Watch this video and learn more.