Value of transactions in mobile money transfer scheme hits N815.47blln

Posted by News Express | 20 October 2015 | 3,591 times

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Mr. Dipo Fatokun, the Director of Banking and Payment System in the Central Bank of Nigeria (CBN), says about N815.47 billion has been transferred though the Nigerian mobile money system since its inception. He said that the figure was as at September 30, 2015.

Fatokun disclosed this in Ilorin on Monday at the NDIC workshop for business editors and finance correspondents with the theme: ‘Developments in E-banking, Mobile Payments and Deposit Insurance Corporation in Nigeria.’

Fatokun, who was represented by Mr. Sola Agboola, an Assistant Director of the department, said that the monies were transferred in 76.95 billion transactions by 24.4 billion subscribers.

He said that the platform had created employment opportunities through the 98,158 agents in the scheme.

The CBN director said that there were still untapped opportunities under the system, stressing that the CBN and other stakeholders were putting in efforts to fill the identified gap.

According to him, there are some challenges for the Micro, Small, and Medium Scale Enterprises (MSME) in the process of job creation through mobile payments system.

Fatokun, however, said that the apex financial institution in collaboration various stakeholders were making frantic efforts to surmount the challenges.

He listed the challenges to include epileptic power supply, poor telecommunications connectivity and lack of synergy between mobile money operators and telecommunication companies.

Fatokun said that there was the need to enhance customers' awareness of the scheme, particularly at the grassroots.

He said that 21 Mobile Money Operators had been licensed and carrying out commercial operations, although eight were actually running the pilot stage.

Fatokun also said that mobile money scheme was to leverage on the existing business network infrastructure as strategy for driving financial inclusion of the unbanked.

According to him, the primary objective of mobile payment is to foster financial inclusion, deliver on employment, transaction cost reduction and facilitate economic growth in the medium to long-term.

•Photo shows CBN Governor Godwin Emefiele.

Source: News Express

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