Mobile payments in Nigeria grow to $400 million

The Central Bank of Nigeria (CBN) has announced the value of mobile payment transactions within the last 12 months stands at more than NGN64 billion (US$400 million).

Tunde Lemo, the CBN’s deputy governor for operations, disclosed this while speaking at an event in Lagos.

He said more than 60 per cent of the amount was recorded within the last three months, indicating the continual growth of mobile payment transactions in Nigeria.

“As we roll out to more states, the banks shall be acquiring more merchants and deploying POS (point of sale) terminals to those locations,” said Lemo.

“There are over 10,000 ATMs that have been deployed in and outside of the bank branches and these ATMs have the capability to enable bills payment, funds, transfer, virtual top-up etc.”

Lemo added more merchants were being signed up to offer services on their portals and accept web payments, including airlines, hotels, telecommunication companies. Read more

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