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The rise of mobile money operators in Nigeria

Technology continues to evolve, challenging and transforming the way that things are done across different sectors. Advancements in ICT have made it possible for people to receive, spend and save money on mobile devices like phones and tablets. In Nigeria, the mobile money (or mobile wallet) concept has gained immense traction with many banks providing backbone support to small agents and operators bringing some aspects of traditional banking to the doorsteps of both banked and unbanked Nigerians. Almost on every street in most towns and cities across Nigeria, one can find these “POS Agents” in small kiosks, shops and sometimes, under umbrella shelters, armed with POS machines and smartphones, making cash withdrawal, transfers, bill payments and other kinds of financial services available to people.

First bankMoney operatorsChief executive officerமுதல் வங்கிபணம் ஆபரேட்டர்கள்தலைமை நிர்வாகி அதிகாரி

CBN frowns on operators paying diaspora remittances in Naira

The Central Bank of Nigeria (CBN) has issued additional guidelines to prevent operators from paying diaspora remittances in local currency. The apex bank had in November 2020 announced an amendment for beneficiaries of diaspora remittances through International Money Transfer Operators (IMTOs) to receive such inflows in foreign currency in cash through their designated banks, or into their ordinary domiciliary accounts. However, the bank noted in a circular on Wednesday, December 16 that, despite material compliance by majority of market participants, a few operators continue to pay remittances in local currency. To protect the integrity of the regulatory directive, the CBN issued five additional operational guidelines on Wednesday, including a requirement for switches and processors to immediately cease all local currency transfers in respect of foreign remittances through IMTOs.

International money transfer operators imtosCentral bankInternational money transfer operatorsMoney operatorsNigerian interbank settlement systemமைய வங்கிசர்வதேச பணம் பரிமாற்றம் ஆபரேட்டர்கள்பணம் ஆபரேட்டர்கள்

Transaction volume for Direct debits jumps by 54% as more Nigerians adopt usage

Transaction volume for Direct debits jumps by 54% as more Nigerians adopt usage
nairametrics.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nairametrics.com Daily Mail and Mail on Sunday newspapers.

National bureau of statisticsBanking sector reportNational bureauMoney operatorsதேசிய பணியகம் ஆஃப் புள்ளிவிவரங்கள்வங்கி துறை அறிக்கைதேசிய பணியகம்பணம் ஆபரேட்டர்கள்

Non-performing loans of banks dip by 3 5% – NBS Report

Non-performing loans of banks dip by 3 5% – NBS Report
nairametrics.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nairametrics.com Daily Mail and Mail on Sunday newspapers.