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Mobile Money in Nigeria, good, can be better

The first tweak was the Over-The-Counter limits, having prescribed cash handling charges on daily withdrawals above five hundred thousand Naira (N500,000.00) as against the initial One hundred and fifty thousand naira (N150,00) for individuals and three million Naira for corporate bodies (N3, 000,000.00) as against the initial two million Naira (N2, 000,000.00) for corporate bodies.

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How to transfer money using your mobile phone

THE Federal Government, through the Central Bank of Nigeria, CBN, introduced the cashless policy in 2012. It was meant to curb excesses in the handling of cash in Nigeria and to reduce the volume of cash in circulation. Most importantly, the policy was introduced to drive development and modernization of payment systems capable of placing Nigeria among the top 20 economies by the year 2020.

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