Mobile Money Payments Gain Traction In Nigeria

The Central Bank of Nigeria (CBN) revealed that the total value of mobile money transactions in the country increased to N64 billion in the last year, reported This Day Live. The Deputy Governor, Tunde Lemo, further announced that 60 percent of this total was extracted from the last three months' report. At present, deposit money banks in Nigeria have deployed roughly 170,000 POS terminals to local business owners.

“The CBN has licensed about 18 mobile payment operators to offer payment services via the 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," stated Lemo.

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