In Nigeria Mobile Banking Transactions Hit N430 Billion

Wednesday, December 3, 2014

Mobile payments system, also known as mobile banking in the country has recorded a total of 15 million transactions since the inception of the scheme in 2012 with 58 million subscribers while the total value of the transactions till date is N430 billion.

The Central Bank of Nigeria, Head, Payment System Policy and Oversight Division of Banking and Payments Department, Musa Itopa-Jimoh, disclosed this on Monday at the 2014 workshop organised by the Nigeria Deposit Insurance Corporation (NDIC) for finance correspondents and Business Editors in Katsina.

He spoke on a paper entitled, “Payments: Overview of Mobile Payments Services Framework in Nigeria.”

Itopa-Jimoh said it was made possible by the efforts of over 78,000 agents and 21 licensed mobile money operators in the country. The 21 mobile institutions, he said, returned a minimum of N14 million on monthly bases.

He added that like in many countries which have recorded successes in mobile banking, Nigeria has given approval to telecommunication companies (Telcos) to participate in agent banking.

Source: allAfrica (link opens in a new window)

mobile finance