The Nigerian banking and finance regulator, the Central Bank of Nigeria, has revealed that the cumulative mobile money transactions in Nigeria is over $3.5 billion (NGN 700 billion) since it began in 2012, Thisday reports.

This statement was credited to the CBN’s department of Banking and Payment Systems. A Deputy Director in the department, Mr. Jimoh Itopa, at a workshop organized for Lawyers on Mobile Money and Emerging Payment System, said that the apex bank has licensed 23 mobile money operators and over 80,000 mobile agents in the country who conduct transactions worth $1.5 million dollars monthly.

He also disclosed that the apex bank is collaborating with the Nigerian Deposit Insurance Corporation (NDIC) to insure the fund passing through the mobile money system.

Image Credit: Chris Potter Via Flickr

Lulu Fadoju Author

Get the best African tech newsletters in your inbox