Transactions In Nigeria Mobile Money Transfer Scheme Hit N815.47Bn

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Mr Dipo Fatokun, Director of Banking and Payment System in the Central Bank of Nigeria (CBN) said about N815.47 billion has been transferred though the Nigerian mobile money system since its inception up till Sept. 30, 2015.
Fatokun who was represented by Mr. Sola Agboola, assistant director of the department, 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, said that the platform had created employment opportunities through the 98,158 agents in the scheme, adding that the monies were transferred in 76.95 billion transactions by 24.4 billion subscribers.

The CBN director hinted 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.

There are some challenges, he said, for the Micro, Small, and Medium Scale Enterprises (MSME) in the process of job creation through mobile payments system, adding however, that the apex financial institution in collaboration with various stakeholders were making frantic efforts to surmount the challenges.

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

He affirmed that there was the need to enhance customers’ awareness of the scheme, particularly at the grassroots, adding that so far 21 Mobile Money Operators had been licensed and carrying out commercial operations, even though eight were actually running the pilot stage.

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

“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,” he said.

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