Nigerian mobile money transactions hit $3.5 billion

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Nigeria has recorded a total transaction of N700 billion, about $3.5 billion, through the mobile money banking system since 2012, according to the  Central Bank of Nigeria (CBN).

The Director, Banking and Payment Systems Department, CBN, Dipo

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Nigerian mobile money transactions hit $3.5 billion

Fatokun, made the statement in a presentation at a workshop on Mobile Money and Emerging Payment System master class to lawyers.

Fatokun, who was represented by a Deputy Director in the department, Jimoh Itopa, said the apex bank had licensed 23 mobile money operators in the country. He said the operators currently conducted transactions valued at about N30 million monthly.

Fatokun said, “apart from the 23 mobile money operators, there were about 80,000 mobile agents spread across the federation that have been given approval to carry out mobile money transactions.

We have licensed 23 mobile money banking operators and on a monthly basis, these operators conduct a total transaction of about N30 million monthly.

In addition, there are over 80,000 mobile agents where people can also go and conduct mobile money transactions.”

Fatokun said to ensure the safety and stability of the mobile money banking system, the apex bank was collaborating with Nigeria Deposit Insurance Corporation (NDIC) to insure the fund.

“The NDIC deposit policy doesn’t cover these funds. So we have to work with NDIC to see how we can institute a pass-through Insurance policy.

This means that, even though the money is sitting in one account, it represents the deposits of various subscribers.

This will recognise the contributors to that pool, that every single individual who has contributed in that pool will be recognised and compensated in the event that the bank is liquidated.

So this has put confidence in the subscribers that their money is safe,’’ he said.

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