Mobile money gains momentum in Nigeria

Mobile payment is gaining momentum and seeing greater take-up in Nigeria, according to the Central Bank of Nigeria (CBN).

Mobile payment is gaining momentum and seeing greater take-up in Nigeria, according to the Central Bank of Nigeria (CBN).

Speaking at a conference organised by global consulting firm Leeds Bryan International and the Washington DC-based Brookings Institution, CBN’s director of banking and payment system department, Dipo Fatokun, said an agreement currently being made with mobile network operators would ensure seamless mobile transactions in the future, as would the upcoming move to 4G.

He said: "We are at the last stage of an memorandum of understanding signing with the Nigeria Communication Satellite (NICOMSAT) such that they would provide WiFi technology at various locations in Nigeria so that connectivity would be made easier."

The announcement contradicts a survey conducted by NOI in early August, which claimed take-up was slow at 13%, with only 41% of Nigerians aware of mobile money at all.

 

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