Nigeria: Mobile Money transactions reach €305 million

Jun 27, 2013

The total value of mobile payment transactions reached N64 billion €305 million) over the past year in Nigeria, with over 60 per cent of this amount recorded in the last three months, Nigeria's Central Bank (CBN) Deputy Governor Tunde Lemo revealed on Monday (June 24th).

The total value of mobile payment transactions reached N64 billion (€305 million) over the past year in Nigeria, with over 60 per cent of this amount recorded in the last three months, Nigeria's Central Bank (CBN) Deputy Governor Tunde Lemo revealed on Monday (June 24th).

"The CBN has licensed about 18 mobile payment operators to offer payment services via mobile phone that over 100 million Nigerian are carrying. This will also help promote financial inclusion and by extension, make the nation a cashless one", he said, quoted by This Day.

According to Peter Ondiege, an economist with the African Development Bank quoted by newspaper Africa in Fact, poor access to bank branches is the main reason for the unprecedented growth and popularity of mobile banking in Africa.

Nigeria has 6,000 bank branches for a population of 162.5 million, according to figures from the CBN, while a nation such as Britain has almost 10,000 bank outlets for 60 million people.

Figures released in January 2013 by the Nigerian Communications Commission also show that there are now more than 110 million active mobile lines in Nigeria, compared to less than 25 million bank accounts.ADNFCR-2976-ID-801604876-ADNFCR