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Central bank launches premier satellite service

17 February 2014, 10:30

Lagos  - NIGCOMSAT,  the country’s premier satellite service, has been commissioned to provide mobile hotspots in all 774 local government areas in the country.

This is part of efforts to ensure nationwide access to mobile banking services.

Central Bank Governor, Lamido Sanusi Sanusi, made the disclosure at the weekend in Lagos.

Sanusi said that the deal, which will be officially signed later in the week, was conceived to give more people in the rural communities access to mobile banking.

He said through the deal, financial access points in the country would have  hotspots through dedicated access points for the benefit of the banks and their customers.

He disclosed that with the deal, all Automated Teller Machines (ATMs) and Point  Of Sales (POS) in every village would be linked seamlessly to the NigComSat 1 satellite.

Sanusi noted that the solutions would efficiently take a lot of burden off the banks to enable them concentrate on how to woo customers and offer them services that will bring comfort to them.

He also pointed out that the cost of the pilot project will be borne by the central bank in the first four years while mobile money services provide will take over the bill in subsequent years.

The CBN executive also disclosed that the service would be available in many primary and secondary schools across the 774 council areas in the country.

He said that the connection to schools would be part of the Corporate Social Responsibility (CSR) of the apex bank to empower school children and youths in the country.

– CAJ News

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