Mobile Money Transactions Hit N64bn in One Year – CBN

The Central Bank of Nigeria (CBN) says a total cumulative transaction by the mobile payments operators in the last one year is well above N64 billion, and more than 60 percent of this amount was recorded in the last three months.



Mobile money is one of the alternative means of payment, which the banks and acquirers have deployed and implemented. Other means for e-payments include Point of Sale (PoS) terminals, Automated Teller Machine (ATM) and the web.



Tunde Lemo, deputy governor, operations, who was represented by Dipo Fatokun, director, banking and payments system department, CBN, at a conference organised by DENovo and Reach Legal in Lagos, said the CBN has licensed about 18 mobile payment operators to offer payment services via the mobile phone. 



He said the transfers done through mobile phones helped to promote “financial inclusion and by extension, made Nigeria a cashless one.”


Source: Daily Times NG