According to Dipo Fatokun, the Director, Banking and Payment Systems Department at the Central Bank of Nigeria (CBN), the mobile money operators in the country have made a kill in excess of N700 billion since the concept of mobile money was introduced into the country about three years ago.

Fatokun, made the statement during a presentation at a workshop on 'Mobile Money and Emerging Payment System Masterclass'.

Fatokun, represented by a Deputy Director in the department, Jimoh Itopa, said the apex bank had licensed 23 mobile money operators in the country and that the operators currently conduct transactions valued at about N30 million monthly.

According to the Director, even though the money is sitting in one account, it represents the deposits of various subscribers.

“This will recognise the contributors to that pool, that every single individual who has contributed in that pool will be recognised and compensated in the event that the bank is liquidated."

Source: NairaMetrics