Nigeria: Mobile money transfers reach N700bn, says CBN

Jul 10, 2015

There are 23 mobile money operators in the country.

Nigeria has recorded total transactions of N700 billion (€3.2 billion) through the mobile money banking system since 2012, a Central Bank of Nigeria (CBN) official has said.

The value of mobile money transactions conducted monthly stands at about N30 million.

Dipo Fatokun told the News Agency of Nigeria that "apart from the 23 mobile money operators, there were about 80,000 mobile agents spread across the federation that have been given approval to carry out mobile money transactions."

CBN governor Godwin Emefiele, added that the institution was reviewing the regulatory frameworks and guidelines for mobile money services in the country, in a bid to provide an enabling environment for the adoption of such services.

Mobile banking's penetration is still low within the banking market, as shown by a Philip Consulting survey, which found that the large majority of respondents were not registered with a mobile money operator.

However, things have improved these past years: 40 per cent of respondents were registered as of August 2013, from only six per cent in 2010.ADNFCR-2976-ID-801793905-ADNFCR