Nigeria’s transactions in mobile money was worth 25 million U.S. dollars annually, the country’s apex bank said on Monday.

Mobile Money has huge potential in Ghana
Mobile Money

Dipo Fatokun, the Director in charge of Banking Supervision, made this known at a forum on Cyber security in Lagos, Nigeria’s economic hub.
The emergence of mobile money space which started in the country about two years ago with 21 mobile money operators had not met the Central Bank of Nigeria (CBN)’s target, he added.
Fatokun said the apex bank had noticed that most of the mobile money transactions were mainly for subscription payment and remittances by bank customers.
He added that the CBN discovered that lack of agency remained a challenge to the growth of mobile money operation, saying, for mobile money to be successful, you must have an agent.
Fatokun said the CBN did a report and came out with some conditions on agency banking which the mobile money operators had keyed into.
According to him, the apex bank had also released a guideline on super agent structure and expected that some of the telecommunication companies would serve as super agents.
Fatokun also said the assessment was that the value and volume of electronic transactions in e-payment had been on the increase.
He advised Nigerians to always be conscious and be aware of fraudster’ tactics such as sending e-mails and text messages to capture customers’ data, in order to hack into their accounts.
The CBN boss warned that customers should always be careful about how they speak about their banks.
Fatokun said the CBN needed to put necessary controls in place to avoid fraud in the e-payment space. Enditem



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