Mobile Payment Transactions Hit N271 Billion in Nigeria

Monday, June 16, 2014

In spite of the initial apathy to the mobile payment initiative of the Central Bank of Nigeria (CBN), there are indications that the policy is gaining traction as the total value of mobile payments in the country amounted to N271 billion for 25 million transactions as at end of May.
The former Deputy Governor of the CBN, Mr. Tunde Lemo, who is also the Chairman Lambeth Trust and Investment Company Limited, reeled out the figures in Lagos last week, adding that the number of mobile agents stood at 65,000 in the period under review.

Meanwhile, the Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim, in what looks like a build-up to the figures released by the former CBN deputy governor, said the transaction volume and value of mobile payments stood at 14,947,600 and N139,605,299,991.60 respectively as at December 31, 2013. He spoke at a forum called Roundtable on Mobile Payment Services in Nigeria organised by the NDIC last week.

The CBN had issued a regulatory framework for the operations of mobile payments services in the country in June 2009 as a measure, which would aid in the reduction of the number of unbanked Nigerians. In addition, the apex bank granted licences to 21 mobile money operators comprising 15 non-bank operators and six bank operators as at January 29, 2013.

But contrary to the insinuations that the penetration of mobile banking model is slow, key financial and telecoms operators at the NDIC’s forum said in terms of the grounds covered so far, Nigeria could not be said to be doing badly in terms of the acceptability of mobile payment in the country.

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

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banking, financial inclusion, financial innovation, mobile money