The total volume of transactions executed through the mobile payment system had grown to N815.64 billion by September 2015, the Central Bank of Nigeria (CBN) has said.

The amount represents an increase of about 16.5 percent higher than the record of N700 billion as at June 30, 2015.

Then director, Banking and Payment Systems Department, CBN, Mr Dipo Fatokun, who made this known also said that the 21 mobile money operators had so far been licensed and had commenced commercial operations while eight are at various stages in their pilot run.

Speaking at the Nigeria Deposit Insurance Corporation (NDIC)-organised workshop for business editors and finance correspondents in Ilorin, Kwara State, Fatokun, who was represented by assistant director, Banking and Payments, Mr Shola Agboola, also revealed that 98,153 agents had so far been enrolled by the 21 licensed operators.

Despite these increases in transactions, Fatokun noted that more could have been achieved but for the challenges currently affecting the mobile payment system, which include epileptic power supply, poor telecommunication connectivity, lack of synergy between operators, as well as the need for enhanced customer awareness, among others.

He noted that the mobile transaction system became imperative following the huge number of the unbanked in Nigeria, noting that large populations live in the rural areas at subsistence levels, with no access to banking.

"There is the need for them to be linked up since their families and friends that live in cities occasionally want to send them monies, and there is need for these monies to reach them and for them to probably remit money to one or two persons," he remarked.

On this premise, Fatokun said it had become necessary that mobile transactions be embraced as a means of including the unbanked for seamless transactions.

In developed climes, mobile payment is rapidly evolving and making tremendous impact in the economies and lives of its citizenry in the areas of savings, payments and transfers, among others.

Products offered by the mobile transactions include cash-in/cash-out, bill payments, funds transfer and airtime top-up, among others. NDIC Extends N500,000 Deposit Coverage To Mobile Money Subscribers

The Nigeria Deposit Insurance Corporation (NDIC) has extended the maximum deposit insurance coverage of N500,000 to individual subscribers under the mobile payment system in the country.

This means that each subscriber using the mobile money platform is now entitled to as much as N500,000, same as any other bank depositors should the bank in which the money is deposited fails.

This is following the adoption of the pass-through deposit insurance scheme by the NDIC in its bid to extend protection to the mobile subscribers, who constitute most of the unbanked in the country.

Director, Research Policy and International Relations, NDIC, Dr Jacob Afolabi, who disclosed this in Ilorin yesterday, revealed that with the pass-through, the Corporation has lifted the veil off the mobile money operators' account to recognise individual subscribers in the pool account instead of treating the pool account as a single account.

This move, Afolabi said, is to engender confidence in the under-banked in order to increase the level of financial inclusion in the country.

He reiterated that the NDIC is fully committed to ensuring that the deposits of mobile money depositors are fully insured and protected should a bank fail.