Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Value of transactions in mobile money transfer scheme hits N817 billion

19 October 2015, 18:50

Ilorin - Mr Dipo Fatokun, the Director of Banking and Payment System in the Central Bank of Nigeria (CBN) says about N815.47 billion has been transferred though the Nigerian mobile money system since it's inception.

He said that the figure was as at Sept. 30 2015.

Fatokun disclosed this in Ilorin on Monday at the NDIC workshop 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 Mr Sola Agboola, an Assistant Director of the department, said that the monies were transferred in 76.95 billion transactions by 24.4 billion subscribers.

He said that the platform had created employment opportunities through the 98,158 agents in the scheme.

The CBN director said that there were still untapped opportunities under the system, stressing that the CBN and other stakeholders were putting in efforts to fill the identified gap.

Also read: CBN has decided to limit our freedom to our money

According to him, there are some challenges for the Micro, Small, and Medium Scale Enterprises (MSME) in the process of job creation through mobile payments system.

Fatokun, however, said that the apex financial institution in collaboration various stakeholders were making frantic efforts to surmount the challenges.

He listed the challenges to include epileptic power supply, poor telecommunications connectivity and lack of synergy between mobile money operators and telecommunication companies.

Fatokun said that there was the need to enhance customers' awareness of the scheme, particularly at the grassroots.

He said that 21 Mobile Money Operators had been licensed and carrying out commercial operations, although eight were actually running the pilot stage.

Fatokun also said that mobile money scheme was to leverage on the existing business network infrastructure as strategy for driving financial inclusion of the unbanked.

According to him, the primary objective of mobile payment is to foster financial inclusion, deliver on employment, transaction cost reduction and facilitate economic growth in the medium to long-term.



Tags cbn money

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...