The Central Bank of Nigeria (CBN) says that the introduction of mobile money in Nigeria has recorded huge impacts in the economy despite the challenges associated with it as a result of technology.

The Director of Banking and Payments System Department in the CBN, Mr. Dipo Fatokun said the average value of transactions carried out by the Mobile Money Operators (MMOs) was over N3 billion per month (inter-scheme), with about 100,000 agents across the country at the moment.

The value of mobile money operation transactions for January 2016 stood at over N4 billion.

Review of the sector performance during the year shows unprecedented upsurge in the volume and value of transactions across all payment channels in the country.

Details show that value increased by about 11.57percent from N44 billion to N49 billion, while the transaction volume rose by about 43.36 per cent from 113,421,933 to 162,598,740.

Mr. Fatokun said the MMO initiatives have boosted financial inclusion by bringing the unbanked segment of the society to the formal sector of the economy.

These, he said, would enable underserved people in the banking system to access financial services that would “enhance their economic opportunities, boost productivity in various sectors and contribute to economic development.”

“The beauty of this service, going by the general perception of users, is that it is easy to use, it is secure, service providers are easily accessible, and it saves cost and time.”

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