By Peter OBIORA InvestAdvocate
Ilorin (INVESTADVOCATE)- The Central Bank Nigeria (CBN) said on Monday the total mobile money transactions in Nigeria since inception in January 2012 has now hit over N815.5 billion, according to Dipo Fatokun, director, Banking and payment System department.
He made this disclosure at an ongoing workshop organised by the Nigeria Deposit Insurance Corporation (NDIC) for business editors and finance correspondents with the theme: “Developments in E-banking, Mobile Payments and Deposit Insurance Corporation in Nigeria”.
Fatokun, who was represented by Sola Agboola, an assistant director of the department, disclosed that the deals leading to this amount was done in 76.95 billion by 24.4 billion subscribers through 98,153 agents in the scheme which has created huge employment opportunities.
According to him, there were still untapped opportunities under the system, “the CBN and other stakeholders were putting in efforts to fill the identified gaps,” he affirmed.
He noted that there are some challenges for the Micro, Small, and Medium Scale Enterprises (MSMEs) in the process of job creation through mobile payments system which the Central Bank and other stakeholders were making efforts to overcome.
The listed challenges includes epileptic power supply, poor telecommunications connectivity, lack of synergy between mobile money operators and telecommunication companies, need to enhance customers’ awareness of the scheme, particularly at the grassroots and addressing the lack of awareness of the various policies and products as regards the mobile money scheme.
He further affirmed that 21 Mobile Money Operators (MMOs) had been fully licensed and carrying out commercial operations, while eight (8) were at various stages of pilot run.
Fatokun further affirmed the need to leverage on the existing business network infrastructure as a practical and well thought out strategy for driving financial inclusion of the unbanked in Nigeria.
Also, he said the cardinal objective of mobile money in Nigeria is to stimulate financial inclusion, “financial inclusion enables underserved people and communities to have access to financial services that would enhance their economic opportunities, boost productivity in various sectors and contribute to economic development,” the CBN director added.
