Nigeria has recorded a total transaction of N700bn through the mobile money banking system since 2012, the Director, Banking and Payment Systems Department, Central Bank of Nigeria, Mr. Dipo Fatokun, has said.
He spoke through the Deputy Director in the department, Mr. Jimoh Itopa, saying that the central bank had licensed 23 mobile money operators in the country.
Fatokun said the operators currently conducted transactions valued at about N30m monthly.
He said, “Apart from the 23 mobile money operators, there are about 80,000 mobile agents spread across the federation that have been given approval to carry out mobile money transactions.
“We have licensed 23 mobile money banking operators and on a monthly basis, these operators conduct a total transaction of about N30m monthly.
“In addition, there are over 80,000 mobile agents where people can also go and conduct mobile money transactions.”
Fatokun said to ensure the safety and stability of the mobile money banking system, the apex bank was collaborating with Nigeria Deposit Insurance Corporation to insure the funds.
He said, “The NDIC deposit policy doesn’t cover these funds. So, we have to work with the NDIC to see how we can institute a pass-through insurance policy. This means that even though the money is sitting in one account, it represents the deposits of various subscribers.
“This will recognise the contributors to that pool, that every single individual who has contributed to that pool will be recognised and compensated in the event that the bank is liquidated. So, this has put confidence in the subscribers that their money is safe.’’
The CBN Governor, Mr. Godwin Emefiele, had earlier said that legal issues might arise due to mobile money banking and that was why lawyers needed to be a part of it.
According to the News Agency of Nigeria, the CBN governor said that for effective licensing of mobile money transactions, the central bank was also reviewing the regulatory framework and guidelines for mobile money services in the country.
The main objective of the review, he said, was to provide enabling environment for the adoption of mobile payment services.
Source: Punch
