As part of measures to deepen its cashless policy, the Central Bank of Nigeria (CBN) has licensed over 23 mobile money operators and realised a total of N700 billion from the system.
At a presentation at a workshop on mobile money and emerging payments systems masterclass, the Director, Banking and Payment Systems Department of CBN, Mr. Dipo Fatokun, said that these operators currently conduct transactions valued at about N30 million monthly.
Fatokun, who spoke through the Deputy Director, Payment and Systems Department, Mr. Jimoh Itopa, said that apart from the 23 mobile money operators, there are about 80,000 mobile agents spread across the federation approved to carry out mobile money transactions.
“Since 2012 when we started this mobile money banking system, we have done about N700 billion worth of transactions. We have licensed 23 mobile money banking operators and on a monthly basis, these operators conduct total transactions of about N30 million monthly. In addition, there are over 80,000 mobile agents where people can also go and conduct mobile money transactions,” he said.
To ensure that the mobile money users are protected in case of banks’ liquidation, Fatokun, said that CBN is collaborating with the Nigeria Deposit Insurance Corporation (NDIC) to insure the fund.
“The NDIC deposit policy doesn’t cover these funds. So we have to work with NDIC to see how we can institute a pass-through insurance whereby even though the money is sitting in one account, it represents the deposits of various subscribers. We have instituted a pass-through insurance, which will recognise the contributors to that pool so that every single individual who has contributed in 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” he assured.
CBN Governor, Mr. Godwin Emefiele, who was represented by the Deputy Director, Legal Department of CBN, Mohammed Suleiman, said the workshop came at a time the apex bank was strengthening the mobile money banking system, adding that CBN mainly reviewed the regulatory frameworks and guidelines for mobile money services in the country, the objective of which was to provide enabling environment for the adoption of mobile payment services.
Source:
http://sunnewsonline.com/new/cbn-licences-23-mobile-money-operators
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