Home Business N430bn Transactions Recorded So Far Through Mobile Payments, Says CBN

N430bn Transactions Recorded So Far Through Mobile Payments, Says CBN

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The Central Bank of Nigeria has disclosed that despite the initial challenges that affected the mobile payments system, over N403billion worth of transactions have been conducted on the platform since inception in 2012.

Head, Payment System Policy and Oversight Division, Banking and Payment Department, Mr. Musa Jimoh, disclosed this at the just-concluded two-day workshop organised for Business Editors and Finance Correspondents by NDIC in Katsina.

Jimoh also stated that the monthly transactions of the 21 Licensed Mobile Money Operators had crossed the N14 million mark.

According to him, 78,000 agents have been registered for the mobile payment scheme, which now has 15 million subscribers.

He also explained that before the apex bank introduced the scheme, it studied the various models being used in countries such as Kenya (M-Pesa), Pakistan and Bangladesh, adding  that it was a deliberate decision on the regulators part not to adopt the model led by telecommunication firms (telco model).

He added that if they allowed the telcos to lead the scheme instead of banks, it would have had serious consequences for the later as they would have not been able to compete with the former, which are much bigger and own the needed infrastructure.

He noted that CBN introduced mobile payments because the scheme would enable it attain its financial inclusion target faster.

He cited figures showing that while over 100 million Nigerians had mobile phones, the number of those with bank accounts was still at the lower ebb of below 40 percent.

He said  that CBN was working hard to ensure that users of mobile payments are fully protected from fraudsters.

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