Mobile Banking is "gaining a lot of ground" in Nigeria, says CBN

Sep 11, 2013

The Central Bank of Nigeria is currently working to support the development of mobile banking in the country.

The Central Bank of Nigeria is currently working to support the development of mobile banking in the country.

CBN's Director of Banking and Payment Systems Dipo Fatokun said during a conference this week in Washington that the use of mobile payment platforms in the country is gaining a lot of ground in Nigeria, This Day reports.

He added there was an ongoing agreement between the CBN and mobile network operators to ensure sustainable and hitch-free transaction of mobile payments within the economy, adding that Nigeria would soon move to 4G internet services.

Mr Fatokun also said that the CBN is working to reduce mobile transaction fraud and that established guidelines on electronic banking are also applicable to mobile payment.

The total value of mobile payment transactions in Nigeria reached N64 billion (€305 million) over the past year, Governor Tunde Lemo revealed in June, adding that the CBN has licensed 18 mobile payment operators to offer payment services via mobile
phones
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