• About
  • Advertise
  • Careers
  • Contact
Saturday, July 5, 2025
  • Login
No Result
View All Result
NEWSLETTER
Reporters At Large
  • Home
  • News
    • World
    • For The Record
    • Metro
    • Opinion
    • Press Releases
  • Business
    • Auto Trend
  • Politics
  • Tourism
  • Lifestyle
    • People & Events
    • Health
  • RAL TV
    • Video
    • Video News
  • More
    • Advertisement
    • Privacy
    • Disclaimer
    • Contact Us
  • Home
  • News
    • World
    • For The Record
    • Metro
    • Opinion
    • Press Releases
  • Business
    • Auto Trend
  • Politics
  • Tourism
  • Lifestyle
    • People & Events
    • Health
  • RAL TV
    • Video
    • Video News
  • More
    • Advertisement
    • Privacy
    • Disclaimer
    • Contact Us
No Result
View All Result
Reporters At Large
No Result
View All Result
Home Featured

CBN Defends Bank-Led Mobile Money, Says It Will Protect Users’ Money

by ReportersAtLarge
December 12, 2016
in Featured
Reading Time: 3 mins read
0
Godwin-emefiele-cbn-governor

Godwin Emefiele, CBN Governor

Share on WhatsappShare on FacebookShare on TwitterShare on Linkedin

THE Central Bank of Nigeria (CBN) has once again defended the bank-led model of mobile money, emphasizing that it protects users from losing money.

According to the bank, there is the possibility of users losing money under the telecommunication companies (telcos) led model that is why the CBN at the moment prefers the former.

CBN Governor, Mr Godwin Emefiele who made this declaration on Thursday said if such happens, it could pose a problem for the CBN.

ADVERTISEMENT

In his keynote address at this year’s Businessday financial inclusion summit held in Lagos, Emefiele said, “That is why the apex bank at this stage will not allow telecommunication companies to lead mobile money in Nigeria. That is the reason we decided to grow from the bank-led,” the Governor stated.

While commending the Kenyan telcos-led model, Emefiele said though Kenya has done very well as there has never been any reported risk of financial lose from that end, the reality is that Nigeria is a different environment.

RelatedPosts

Bangladesh President Dissolves Parliament, Prepares For Interim Government

Tim Walz: Who Is Kamala Harris’ VP Running Mate?

US Elections: Kamala Harris Picks Tim Walz As Running Mate

Describing digital financial services as payments, savings, loan or insurance products, which are provided through electronic platforms, such as mobile phones, the Internet, or electronic cards, the Governor said digital financial services can promote financial inclusion, because they are capable of dismantling the existing barriers to financial inclusion.

He identified one key barrier to financial inclusion, in line with Nigeria’s National Financial Inclusion Strategy, as the remoteness of access to financial services, adding that several people do not use financial products because they live too far away from a physical financial access point such as bank

branch, an insurance agent or Automated Teller Machine (ATM).

Digital financial services according to Emefiele, transcend such physical barriers as they can be accessed through virtual channels such as mobile phones, which today are everywhere.

“We have noted commendable innovations in the industry today, whereby financial institutions have begun to leverage the mobile platform to open accounts and conduct transactions, enabling existing clients and previously excluded population to access financial services in a more convenient manner.

“Digital financial services can also reduce other barriers to financial inclusion, such as high cost of transaction or transportation costs while also saving valuable travel time. It can also bring about substantial benefits for financial services providers, and the economy as a whole, beyond financial inclusion. It can boost a country’s Gross Domestic Product (GDP) significantly and more sustainably,” said Emefiele.

For instance, he referred to McKinsey’s study which shows that digital financial services can increase Nigeria’s GDP by 12 per cent or US$88 billion by the year 2025. There are three channels through which digital financial services are predicted to affect GDP.

In terms of the latter channel, digital financial services have the potential to create three million new jobs in Nigeria by 2025. For financial services providers, digital financial services are estimated to reduce the cost of providing financial services by 80 to 90 per cent compared to the cost of a traditional bank branch.

The Central Bank of Nigeria he noted, and other stakeholders have implemented several initiatives to drive the adoption of digital financial services in the country.

These are: For instance, the Bank introduced the Cashless Nigeria Project, under pilot in six states and the FCT, which stipulates a cash handling charge on daily cash withdrawals above a minimum amount in order to encourage usage of electronic payments. The Bank also released Guidelines on Agent Banking and Mobile Money Services in Nigeria and has licensed 22 mobile money operators. The regulatory framework for licensing super-agents in Nigeria aims at extending agent networks and usage of mobile money in Nigeria.

“In the same vein, we have also launched a Digital Financial Services Project in collaboration with the Federal Ministry of Finance and the Bill & Melinda Gates Foundation, with the objective of improving the efficiency of public expenditure. In collaboration with the Nigerian Communications Commission (NCC), the bank has established a Joint Technical Taskforce on Mobile Money in order to ensure a favorable regulatory environment for digital financial services in Nigeria,” he recalled.

Tags: CBNMobile BankingMobile Money
SendShare1TweetShare
ReportersAtLarge

ReportersAtLarge

Reporters At Large is the world’s fastest-growing online news platform and public service broadcaster. We’re impartial and independent, and every day we create distinctive, world-class programmes and content which inform, educate and entertain millions of people in Nigeria and around the world.

More

Bangladesh Parliament Building
Featured

Bangladesh President Dissolves Parliament, Prepares For Interim Government

by ReportersAtLarge
August 6, 2024
0

Bangladesh's president dissolved parliament on Tuesday, clearing the way for an interim government and new elections a day after Prime...

Read moreDetails
Tim Walz
Featured

Tim Walz: Who Is Kamala Harris’ VP Running Mate?

by ReportersAtLarge
August 6, 2024
0

Minnesota Governor Tim Walz has been selected as the running mate for Democratic nominee Vice President Kamala Harris. Harris announced...

Read moreDetails
US Elections - Kamala Harris picks Tim Walz as Running Mate
Featured

US Elections: Kamala Harris Picks Tim Walz As Running Mate

by ReportersAtLarge
August 6, 2024
0

U.S. Vice President Kamala Harris has chosen Minnesota Gov. Tim Walz as her running mate, looking to strengthen the Democratic...

Read moreDetails
Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Hon Dogara and Hon Jubrin

Budget Padding: It’s Good Dogara Sacked Jibrin —Nigerians In Diaspora

9 years ago
Rahmon Adedoyin with OAU student

OAU Student: Police Withdraw Murder Case Against Adedoyin, Six Others

3 years ago

Popular News

  • Olubadan of Ibadan Oba Owolabi Olakulehin

    Makinde, Senator Alli Celebrate Olubadan On 90th Birthday, First Coronation

    0 shares
    Share 0 Tweet 0
  • PEAC/PFIPC Is A Boost For Nigeria’s Economy – McDons Hotel Boss, Dr. Akweke

    0 shares
    Share 0 Tweet 0
  • Ogidan’Birin Set To Launch WADEN At Akungba Day 2025

    0 shares
    Share 0 Tweet 0
  • Stakeholders Urge Sharing Of Community Experiences On Climate Change Impacts

    0 shares
    Share 0 Tweet 0
  • Court Affirms Senate’s Right To Suspend Natasha

    0 shares
    Share 0 Tweet 0

Connect with us

ADVERTISEMENT

About Us

Reporters At Large is the world’s fastest-growing online news platform and public service broadcaster. We’re impartial and independent, and every day we create distinctive, world-class programmes and content which inform, educate and entertain millions of people in Nigeria and around the world.

With a high level of professionalism, fairness, objectivity, accuracy and speed, we publish Breaking News Nigeria Today Headlines and International news on Politics, Tourism and Travel, Entertainment, Sports, Business Lifestyle and Sports.

Category

  • Auto Trend
  • Breaking Bones
  • Business
  • Columns
  • Entertainment
  • Featured
  • For The Record
  • Health
  • Innovation
  • Lifestyle
  • Metro
  • News
  • Opinion
  • People & Events
  • Politics
  • Press Releases
  • Science & Technology
  • Sponsored
  • Sport
  • Tourism & Culture
  • Video
  • Video News
  • WorldNews

Recent Posts

  • Makinde, Senator Alli Celebrate Olubadan On 90th Birthday, First Coronation July 5, 2025
  • PEAC/PFIPC Is A Boost For Nigeria’s Economy – McDons Hotel Boss, Dr. Akweke July 5, 2025
  • Ogidan’Birin Set To Launch WADEN At Akungba Day 2025 July 4, 2025
  • Stakeholders Urge Sharing Of Community Experiences On Climate Change Impacts July 4, 2025
  • Court Affirms Senate’s Right To Suspend Natasha July 4, 2025
December 2016
SMTWTFS
 123
45678910
11121314151617
18192021222324
25262728293031
« Nov   Jan »
  • Home
  • News
  • Business
  • Politics
  • Tourism
  • Lifestyle
  • RAL TV
  • More

© 2016-2024 RAL - Guided by professionalism

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
    • World
    • For The Record
    • Metro
    • Opinion
    • Press Releases
  • Business
    • Auto Trend
  • Politics
  • Tourism
  • Lifestyle
    • People & Events
    • Health
  • RAL TV
    • Video
    • Video News
  • More
    • Advertisement
    • Privacy
    • Disclaimer
    • Contact Us

© 2016-2024 RAL - Guided by professionalism

Verified by MonsterInsights