Mobile banking nets N700b in 4yrs

A total of N700 billion transactions was been recorded through the mobile money banking system from 2012 till date, the Central Bank of Nigeria (CBN) has said.

This disclosure was made today by the Director, Banking and Payment System, of the CBN, Mr. Dipo Fatokun, during a workshop on mobile money and emerging payments systems masterclass in Abuja.

The CBN boss who was represented by the Deputy Director, Payment and Systems Department, Mr Musa Jimoh Itopa, said that “the apex bank has so far licensed 23 mobile money operators in the country” noting that these operators currently conduct transactions valued at 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.

He said to ensure the safety and stability of the mobile money banking system, “the apex bank has entered into collaboration with the Nigeria Deposit Insurance Corporation to insure the fund.”

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“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 whereby even though the money is sitting in one account, it represents the deposits of various subscribers.

“We have instituted a pass through insurance which will recognize the contributors to that pool so that every single individual who has contributed in that pool will be recognised and compensated in the event that the bank is liquidated”, Fatokun said.

The CBN Governor, Mr Godwin Emefiele, represented by the Deputy Director, Legal Department, CBN, Mohammed Damai Suleiman, said for effective licensing of mobile money transactions in the country, the CBN had reviewed the regulatory frameworks and guidelines for mobile money services in the country.

The main objective of the review, he added is to provide enabling environment for the adoption of mobile payment services.

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