The Central Bank of Nigeria (CBN) has blamed lack of control over telecommunications companies and synergy between them and mobile payment operators, as one of the factors, impacting negatively on the operations of mobile payment in the country.
The CBN says its inability to regulate operation of the telecoms is responsible for their exclusion in the mobile banking system, an approach which is being criticised by analysts.
CBN’s Director, Banking and Payments system department, Mr Titus Fatokun, however, says that despite this development, mobile money transfer has recorded N9.2 billion in value and 275,558 in volume as at May 2013.
The total volume of deposit that passed through the banks, card and agents stood at 74,499, 10,143 and 111,080, each, while total value withdrawal that passed through the same channel stood at N11.08 billion (bank), N100.4 million (card) and N2.3 billion (agents).