Cashless Policy Feat: Nigeria Records N700bn in Mobile Money Transactions In Three Years

According to the Central Bank of Nigeria, CBN, on Tuesday, July 7, Nigeria has recorded a total transaction of N700 billion through the mobile money banking system since 2012.

The Director, Banking and Payment Systems Department, CBN, Dipo Fatokun, revealed this in a presentation at a workshop on Mobile Money and Emerging Payment System masterclass to lawyers.

 

According to him, the operators currently conducted transactions valued at about N30million monthly.

 

Represented by a Deputy Director in the department, Jimoh Itopa, Fatokun said the apex bank had licensed 23 mobile money operators in the country.

 

He 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.

 

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