Fidelity bank card banner Emerald Energy Institute Camano banner

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

By News Express on 20/10/2015

Gmail icon

Views: 3,394


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

Posted 20/10/2015 04:38:36 AM

 

 

CLASSIFIED ADS

 

You may also like...
De Norsemen Kclub tasks Nigerians on leadership

Police identifies gunman who massacred worshippers in Anambra...

NRM heads for court as INEC excludes candidate’s...

Demolished church: Obiano assures of fairness to all...

BREAKING: Nigeria win AFCON bronze as Super Eagles...

Samsung posts higher profit despite Galaxy 7 fiasco...

Nigeria, Cameroon launch joint offensive against Boko Haram...

Hajj: First batch of Kaduna pilgrims return from...

HURIWA condemns Lagos anti-street traders' law; may institute...

British Airways, Air France reject Kaduna airport

Militants give South African firms ultimatum to leave...

Fayose cries out, charges judiciary to rise and...

 

Latest News Suspected killers of Commander Ogundana in the net Imo lawmaker in rape scandal •Alleged victim demands N50m damages Troops nab 5 fleeing terrorists, logistics suppliers Bayelsa guber: Alaibe snubs Dickson, adamant on court case 14 travellers kidnapped in Osun rescued Osinbajo’s travails: Yoruba gradually being turned into slaves, says Prof. Akintoye PEPT Appeal: What tradition says about Supreme Court Judges to form Panel, By Law Mefor CBN clears the air on cashless policy transaction charges Court okays lawyer’s trial for alleged attempted murder US Police officer arrested 2 six-year-olds in school Impeachment of Trump ‘may be the only remedy’ — Top Dem How dismissed soldiers use Army uniforms for robbery — Lagos Police boss

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (543,159 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (444,147 views) Shameless Genevieve Nnaji exposes breasts in public (390,666 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (327,439 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (295,665 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (254,201 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (250,575 views) 10 cars more expensive than Jets (240,047 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (232,235 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (218,245 views) Lagos plane crash: Journalist releases victims’ names (196,483 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (194,042 views)

 

CBN milk production

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (102) Business & Economy (4,458) Business Verdict (81) Columnists (1,113) Complaints & Requests (96) Enterprise & Opportunities (216) Entertainment (668) Features (815) Global Business Monitor (446) ICT Monitor (63) International (3,976) Interview (204) Live Commentary (30) Love Matters (171) Maggie's Blog (418) News (51,699) Opinion (1,368) Pidgin (17) Politics (11,478) Religion (1,104) Sports (2,174) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera