Mobile money transactions in Nigeria has moved to a new value at N40 bn per month according to recent reports. The central bank of Nigeria indicates that the value of the money recorded during the month of February rose to over forty billion.
The adoption of mobile money transfer in Nigeria is growing fast according to reports; the central bank of Nigeria reported that the transactions have improved from the previous position. This can be attributed to an increase in the number of people adopting mobile money transfer in the country. The chairperson of Nigeria interbank settlement system indicated that the electronic payment efficiency was being adopted across the country and the nation is moving towards a digitized platform in the near future. Cashless policy has been in place since last year and most people in the country are embracing the technique. It helps people to transfer funds without physically going to the bank or writing cheques.
The implementation of EPIS in Nigeria and the use of alternative channels has promoted the use of mobile money transfer in the populous nation. Some of the factors that have contributed to the move include the ease to transfer cash, safety from crimes and the ease of accessibility to the services. The current value of mobile money transfer is rated to be over forty billion naira. The number is expected to increase over the years as the platform penetrates into the local market. In addition, the country is implementing its financial inclusion policy and this will allow more people to utilize the platform with ease.
The efficacy of the EPIS is to recognize, encourage, and reward stakeholders who are concerned with the field in the country. The deputy central bank governor was speaking during the awarding ceremony in Lagos. Zenith bank won the award for cashless driver bulk payment. Point on sale technology has been adopted in many locations in Nigeria and people are currently embracing mobile transfer technology.