The Central Bank of Nigeria recently revealed that over 5.7 million are currently mobile money users. Mr. Chai Chang, Manager, Payments, Policy & Oversight at the Central Bank of Nigeria (CBN) revealed this number at a recent CBN finance seminar for finance correspondents and business editors.
Chang also noted that the number of transactions to date currently stands at about 6.85 million for a cumulative value of about N74.26 billion.
He emphasized the importance of a wide spread agent network to the success of the sector.
“Despite the fact that it’s not a ‘one-size fits all’ approach, agent network development and structures have certain critical aspects in common, not least of all, a clear and well understood selection and recruitment process, consistent agent monitoring and practical liquidity management procedures.
“As we begin this journey, it is worth noting that the aforementioned will be the drivers for the increase in agent activity in Nigeria. This will be followed by growth in number of agents, increased activity of agents, increase in average number of transactions per agent and the requisite growth in financial inclusion and profit margins for the agents and their principals,” he said.
He also noted the need for the bank to work with industry stakeholders to resolve the challenges posed by epileptic power supply, poor telecommunications connectivity and lack of synergy between mobile payment operators and telecommunications companies among others as key to the long term success of the young industry.