Mobile Banking Moves Ahead in Nigeria

Thursday, December 12, 2013

In order to aid its cashless policy, the Central Bank of Nigeria (CBN) designed a financial inclusion strategy, which is being implemented through different channels, including the mobile payment system.

According to the central bank, one of the reasons for the introduction of the cashless policy was the prevalence of cash in the banking system.The cashless policy also seeks to support the Vision 20:2020 target of the federal government, modernise the payment system, reduce the cost of banking service delivery, improve the effectiveness of monetary policy, foster transparency and curb corruption and leakages.

Source: This Day Live (link opens in a new window)

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banking, financial inclusion, mobile finance, mobile money