CBN says mBanking Transactions in Nigeria hit over US$2bn

The Apex Nigeria bank, Central Bank of Nigeria (CBN), announced the increase in mobile financial transactions (Mobile Banking) in Nigeria which exceeded US$2 billion. This declaration was made by Musa Itopa-Jimoh, the Central Bank’s Head of Payment System Policy and Oversight Division of Banking and Payments Department.

mobile banking

He stated that, Since the beginning of the Mobile Banking Scheme, a total of 15 million transactions have been made in 2012 with 58 million subscribers while the total value of the transactions is NGN430 billion (over US$2 billion) till date.

At the 2014 Workshop hosted and Organized by the Nigeria Deposit Insurance Corporation (NDIC), while addressing finance correspondents and Business Editors in Katsina. Speaking on “Payments: Overview of Mobile Payments Services Framework in Nigeria,” he said this great achievement and success was made possible by the joint efforts and hardwork of over 78,000 agents and 21 licensed mobile money operators in the country.

He also voiced the willingness of the CBN in promoting and supporting the safety, efficiency and effectiveness of mobile payments services in Nigeria.

“We take our oversight responsibility seriously to ensure that deposits in the mobile payments system are safe and transactions are securely executed,” he said.

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