The Central Bank of Nigeria (CBN) has said the use of mobile payment platform in the country is gaining a lot of ground in the country.
The CBN’s Director of Banking and Payment System Department, Mr. Dipo Fatokun, said this in Lagos at a one-day conference themed: “Mobile Money and Financial Inclusion: What’s the Next Big Thing?” organised by the Leeds Bryan International Limited and the Brookings Institution, Washington, DC.
Fatokun pointed out there was an ongoing agreement between the CBN and mobile network operators to ensure sustainable and hitch-free transaction of mobile payments within the economy, adding Nigeria would soon move to 4G internet service. This, he revealed, was a broader network, from the current 3G.
“We in central bank on the issue of connectivity are at the last stage of an MoU signing with the Nigeria Communication Satelite (NICOMSAT) such that they would provide WIFI technology at various locations in Nigeria so that connectivity would be made easier,” he added.
On CBN’s strategy to avert mobile transaction fraud, Fatokun explained that there was an established guideline on electronic banking which is also applicable to mobile payment, explaining that there were specifications of systems through which to transact business. He added there were technical details on what to deploy, adding phones that did not have the specified security features as specified my NCC would not work for mobile payment and transactions.
The Managing Partner and CEO of Leeds Bryan International Limited, Mr Biyi Adeyemo, stated mobile money’s importance to the national economy could not be over-emphasised as it necessitated financial inclusion of everyone that is involved. While explaining that the payment platform would also enhance better financial services, Adeyemo pointed out mobile money was relevant for farmers, even in the rural areas, since through it, they could calculate weather to situate farming season and periods.
“In health, people would be able to get prompt services at the convenience of their homes without having to move around. It can also help in diagnosing ailments affecting patients with doctors having access to relevant information on them. On insurance, you’ll able to initiate claims and access your premium payment without needing to go there physically,” he added.
