Nigeria has recorded a total transaction of N700 billion, about $3.5 billion, through the mobile money banking system since 2012, a Central Bank of Nigeria (CBN) official said in Abuja on Tuesday.

The Director, Banking and Payment Systems Department, CBN, Mr Dipo Fatokun, made the statement in a presentation at a workshop on Mobile Money and Emerging Payment System masterclass to lawyers.

Fatokun, who was represented by a Deputy Director in the department, Mr Jimoh Itopa, said the apex bank had licensed 23 mobile money operators in the country.

He said the operators currently conducted transactions valued at about N30 million monthly.

Fatokun said, “apart from the 23 mobile money operators, there were about 80,000 mobile agents spread across the federation that have been given approval to carry out mobile money transactions.

“We have licensed 23 mobile money banking operators and on a monthly basis, these operators conduct a total transaction of about N30 million monthly.

“In addition, there are over 80,000 mobile agents where people can also go and conduct mobile money transactions.”

Fatokun said to ensure the safety and stability of the mobile money banking system, the apex bank was collaborating with Nigeria Deposit Insurance Corporation (NDIC) to insure the fund.

“The NDIC deposit policy doesn’t cover these funds. So we have to work with NDIC to see how we can institute a pass-through Insurance policy.

“This means that, even though the money is sitting in one account, it represents the deposits of various subscribers.

“This will recognise the contributors to that pool, that every single individual who has contributed in that pool will be recognised and compensated in the event that the bank is liquidated.

“So this has put confidence in the subscribers that their money is safe,’’ he said.

The CBN Governor, Mr Godwin Emefiele, said the workshop was strategic in training lawyers in order to help the bank strengthen the mobile money banking system.

Emefiele was represented by a Deputy Director in the Legal Department of CBN, Mr Mohammed Suleiman.

He said that legal issues might arise due to mobile money banking and that was why lawyers needed to be a part of it.

The CBN governor said for effective licensing of mobile money transaction, the CBN was also reviewing the regulatory frameworks and guidelines for mobile money services in the country.

The main objective of the review, he said was to provide enabling environment for the adoption of mobile payment services. (NAN)