Nigerian mobile money use surges

The Central Bank of Nigeria says mobile money transactions now top N4 billion a month.

This is significantly higher than the average total of N20 million at the beginning of this year.

Outlining the success to date of Nigeria’s cashless banking initiatives, CBN Governor Mallam Sanusi Lamido Sanusi said mobile and internet banking had increased.

However, of the 160,000 point of sale terminals in Lagos, only 25,000 were operational, which needed to be addressed, he said.

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