Mobile banking In Nigeria exceedes US$2 billion transactions - NAIJA INFORMATION

December 21, 2014

Mobile banking In Nigeria exceedes US$2 billion transactions

Reports just came in from the Central Bank of Nigeria (CBN), which indicated that the increase in online Mobile transactions (Mobile Banking) in Nigeria has reached US$2 billion. This was disclosed by Musa Itopa-Jimoh, the Central Bank’s Head of Payment System Policy and Oversight Division of Banking and Payments Department.
                     
Mobile banking In Nigeria exceedes US$2 billion transactions

From his reports, it indicated that since the beginning of the Mobile Banking Scheme in Nigeria a total of 15 million transactions have been through the mobile banking system only in 2012 with a total of 58 million subscribers on the platform. he also stated that transactions worth NGN430 billion (over US$2 billion) has been transacted through the mobile baking system.

He also quoted as ” he said this great achievement and success was made possible by the joint efforts and hardwork of over 78,000 agents and 21 licensed mobile money operators in the country.''

“We take our oversight responsibility seriously to ensure that deposits in the mobile payments system are safe and transactions are securely executed,”

From his remarks of the CBN willingness in promoting and supporting the safety, efficiency and effectiveness of mobile payments services in Nigeria.

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