Mobile banking in Nigeria seems to be gaining ground very rapidly. With 58m subscribers, 15m transactions and N430b total value of transactions mobile banking recorded since inception in 2012, one can say that the system has come to stay.
However, with the issue and challenges such as epileptic power supply, poor network connectivity, lack of synergy between mobile payment operators and telecommunication companies, the problem faced by mobile banking customers is far from over.
According to Mr Chai Gang, the policy and oversight manager of CBN, although the agent banking initiative is still at the licensing review stage (as at when this information was obtained) it is understandable that successful agent banking and mobile payment deployments all over the world have demonstrated that an effective agent network is paramount to success in the mobile banking system.
"As we begin this journey, it is worth noting that the aforementioned will be the drivers for the increase in agent activity in Nigeria. This will be followed by growth in number of agents, increased activity of agents, increase in average number of transactions per agent and the requisite growth in financial inclusion and profit margins for the agents and their principals," he stated.
The CBN director also said the apex bank is set to collaborate with the Nigeria Postal Service (NIPOST) to boost agent banking in the country. "We are already in consultation with the NIPOST to boost agent banking due to its spread across the country," he said