Nigeria’s mobile money transaction is in excess of $5 million annually, this is despite the challenges facing the adoption of the initiative, reports Vanguard.

This assertion was made by Mr. Dipo Fatokun, Director, Banking and Payments Systems Department, Central Bank of Nigeria and Chairman, Nigeria electronic Fraud Forum, NeFF. He made this statement while launching the NeFF 2014 annual report in Lagos.

He also noted that mobile money has experienced a tepid growth in Nigeria, while a large percentage of the mobile money transactions are either subscriptions or remittances.

Mr Dipo hinted that CBN envisages that telcos will clue in on serving as super agents for Mobile money in Nigeria and two telcos have already signaled their interest to make their agents available to financial institutions. This, he believes, will extend the reach of mobile money operators and subsequently the uptake of the mobile money.

Recently, the central bank announced that it may withdraw licenses from dormant mobile money operators within the country. There are currently 21 licensed operators in Nigeria.

Source: Vanguard

Lulu Fadoju Author

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