By BABAJIDE KOMOLAFE, PETER EGWUATU & ROSEMARY ONUOHA

More than 5.73 million Nigerians have now embraced the mobile banking platform which took off in the country two years ago.

Director, Banking and Payment System Department, Central Bank of Nigeria (CBN), Mr. Dipo Fatokun, disclosed this at the 18th seminar organised by the CBN for finance correspondents and business editors in Umuahia, Abia State.

Point of Sales, POS, facilities

Fatokun, who was represented by Payments, Policy and Oversight Manager of the CBN, Chai Gang, noted that to date, the volume and value of transactions on the mobile payment platform had risen to 6.85 million and N74.26 billion respectively from N9.98 billion moved in 1.14 million transactions.

He, however, noted that the bank is working with stakeholders in the industry on surmounting challenges of epileptic power supply, poor telecommunication connectivity, lack of synergy between mobile payment operators and telecommunication companies and the need for enhanced customer awareness.

Noting that although the agent banking initiative is still at the licensing review stage, he said successful agent banking and mobile payments deployments all over the world have demonstrated that an effective agent network is paramount to the success.

“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 stated.

The CBN director also said the apex bank is set to collaborate with the Nigeria Postal Service (NIPOST) to boost agent banking in the country. “We are already in consultation with the NIPOST to boost agent banking due to its spread across the country,” he said.