Nigeria has recorded a total transaction of ₦700 billion through the mobile money banking system since 2012, Dipo Fatokun, the Director, Banking and Payment Systems Department,CBN, said on Tuesday.
Fatokun, made the statement in a presentation at a workshop on “Mobile Money and Emerging Payment System Masterclass” to lawyers.
Fatokun, who was represented by a Deputy Director in the department, Jimoh Itopa, said the apex bank had licensed 23 mobile money operators in the country.
He said the operators currently conducted transactions valued at about ₦30 million monthly.
According to him, even though the money is sitting in one account, it represents the deposits of various subscribers.
“This will recognise the contributors to that pool, that every single individual who has contributed in that pool will be recognised and compensated in the event that the bank is liquidated.
