The Director of Banking and Payment System Department, of the Central Bank of Nigeria, Mr Dipo Fatokun, has said that mobile payment is gaining a lot of grounds in Nigeria, and that the policy is being taken beyond cash-in-cash-out remittances and top up.
He made this disclosure at a conference in Lagos organised by Leeds Bryan International Limited and the Brookings Institution, Washington, DC, themed, Mobile Money and Financial Inclusion: “What’s the Next Big Thing?”
He said that, “There is an ongoing agreement between the CBN and mobile network operators to ensure that there is sustainable and hitch-free transaction of mobile payments within the economy, and Nigeria would soon move to 4G internet service, which is a broader network, from the current 3G.”
“We in Central Bank, on the issue of connectivity, we are at the last stage of an MOU signing with Nigerian Communication Satellite (NICOMSAT) such that they would provide Wi-Fi technology at various locations in Nigeria so that connectivity would be made easier,” he added.
On security, he said that, “There is an already established guideline on electronic banking which is also applicable to mobile payment, explaining that there are specifications of systems through which to transact business. There are technical details on what to deploy, and phones that do not have the specified security features as specified by NCC would not work for mobile payment and transactions.”
