The Central Bank of Nigeria has said the total value of transactions carried out so far by the mobile money operators is N17.3bn.

The Acting Director, Banking and Payments System Department, CBN, Mr. Musa Jimoh, said this in Lagos on Monday at a mobile money agent forum organised by the Mobile Payment Agency Cooperative to mark its one year anniversary.

He said that as of two weeks ago, there were 20 licensed mobile money operators, 12,888 agents enrolled on the platform with 2.052,688 subscribers.

He said the N17.3bn was realised in 1,495,149 million transactions, adding that the figures “are expected to grow exponentially as awareness about mobile money increases.”

Jimoh explained that apart from reducing the cost of cash management to the financial system, which had been projected to reach N192bn in 2012, mobile money transactions would help to reduce cash-related crime and ensure financial inclusion for the unbanked and under-banked.

“But we will all have to collaborate to ensure efficient and effective payment system through the deployment of payment channels and the expansion of agent network to the rural areas,” he noted, promising that the CBN would continue to provide regulatory frame work to safeguard the systems, consumers and the payment service providers.

President, MPAC, Mr. Gbemi Adelekan, also stressed the need for unity among mobile service providers for MPAC to achieve its objective of ensuring the sustainability of mobile money agents, and other goals.

Adelekan, who said at present, MPAC had more than 25 super agents with over 250 agents spread across the country, explained that by working together, it would be easier for mobile money agents to liaise with regulators.

Source: Punch (written by Simon Ejembi)