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100million mobile phone users can support cashless policy in Nigeria – CBN

By on May 9, 2014

The Central Bank of Nigeria (CBN) says Nigeria has more than 100 million mobile phone users that can support cashless policy.

Mr Aaron Yaduma, Head of CBN’s Shared Services, stated this on Thursday at the closing of ceremony of “Cashless Policy Sensitisation Programme” for stakeholders in Yola.

“In Nigeria, there are over 100 million mobile phones available to serve customers, while there are less than 6,000 bank branches, 10,000 Automative Teller Machines (ATM) as well as 200,000 point of sale terminals (POSs) and less than 20 million bank accounts in the country.”

Yaduma identified Mobile Money as a major focus for financial inclusion, adding that the mobile phone was the most ubiquitous and cheapest electronic channel for transactions.

He said that presently, there were 23 mobile payment operators licensed in the country.

“Mobile money entails the use of mobile phones as a banking tool both for the banked and the unbanked.

“With the mobile phone, people can open accounts, transfer funds, pay bills, purchase goods and services.’’ (NAN)