• Thursday, May 23, 2024
businessday logo


CBN says N64bn transacted so far on mobile banking


The Central Bank of Nigeria (CBN) on Tuesday disclosed that about N64 billion so far has been transacted in the country through the adoption and usage of mobile banking. It said it was ready to spread its coverage on cashless policy to Ogun State, going by the state’s emerging status of being an industrial hub and its proximity to the nation’s economic nerve centre, Lagos.

The apex bank sent a team of financial experts led by its deputy governor, operations, Tunde Lemo, to Ogun State Governor’s Office, Oke-Mosan, Abeokuta as part of partnership and awareness on the coverage of cashless policy and mobile banking in the state, which the CBN delegates said would commence in a couple of weeks.

Speaking on the benefits and value of cashless policy and mobile banking, Lemo revealed that the CBN had been able to reduce, with adoption and operations of cashless policy and mobile banking, fraud and financial leakages to the tune of 90 percent.

Lemo added that the adoption of cashless policy in the country has reduced and would continue to reduce incidences of armed robbery, kidnapping, election rigging, among other crimes.