Only 400,000 Nigerians Have Mobile Money Accounts – Survey

A new survey has revealed that only 400,000 people are registered with mobile money operators in Nigeria out of 28.6 million adults operating bank accounts in the country.The survey, which was carried out by Enhancing Financial Innovation and Access, stated that 4.8 million adults were aware of mobile money but 400,000 people actually have registration with mobile money agents.

The figure represents 1.4 per cent of the bank account holders. The survey also shows that 0.45 per cent of the total adult population (given as 87.9 million people) in Nigeria use the mobile money facility

It stated that mobile money was mostly used to buy airtime, with 32.9 per cent of registered mobile money users buying airtime on the platform; while 28 per cent use mobile money to send money to people. According to the survey, 21.8 per cent of users have the platform just to receive money from people, while 17.4 per cent use it to pay bills.

Analysts, however, believe that little had been achieved in the area of mobile money considering achievements recorded in other instruments introduced to drive financial inclusion and the cash-less policy.

The Nigeria Inter-Bank Settlement System Plc said last week that the number of registered Point of Sale terminals on the Central Terminal Management System managed by NIBBS increased from 31,000 to 185, 000 from January to November, 2012.

Similarly, total installed Automated Teller Machines in the industry rose from about 8,900 as at June 2009 to about 10, 221 as at July 2012, while debit/credit card issued in the industry rose from 16 million in December 2011 to about 24 million as at July 31, 2012.

The Managing Director, Sotice Investment Company Limited, Mr. Adedayo Toluwase, said mobile money had achieved low success rate in the country with 0.25 per cent of the total population on the mobile platform.

He said, “The CBN has not done enough in enlightening people on mobile money. In Kenya, mobile money has recorded huge success and it’s one of the frequently used tools to send and receive money. You don’t need to go through the stress of having an account before you can access mobile money; so what can be the reasons people are not embracing it? That should be the question the CBN and other agents involved in driving financial inclusion need to answer. Also, I expect them to learn from Kenya and if possible adopt the Kenyan model.”

The Chief Executive Officer, EFInA, Ms. Modupe Ladipo, said 48.1 million adults could be encouraged to use mobile money.

“The top factors, which would encourage them to use mobile money – understand how mobile money works, having a mobile money agent close to residence/place of work, feeling mobile money is safe and when many people start using mobile money,” she added.

I don’t blame people for not embracing this service. I HAVE TRIED TO REGISTER WITH THREE DIFFERENT MOBILE MONEY SERVICES AND IT HAS BEEN UNSUCCESSFUL. It has to be very very easy to register. Plus the technology should be reliable and effective, the telecom companies are yet to be VERY reliable and effective.

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Banks To Accept Voters Card As A Valid Means Of Identification - CBN

Central Bank of Nigeria, CBN, Thursday directed banks to accept the voters’ card issued by Independent National Electoral Commission, INEC, as means of identification. The directive was given via a circular titled “Inclusion of Independent National Electoral Commission, INEC, voter’s registration card as a means of customer identification”.

The circular said: “Further to our circular on anti-money laundering/counter financing terrorism (AML/CFT), Regulation 2009 on acceptable means of identification for the purpose of account opening and transaction of banking business in Nigeria, it has become necessary as a result of the need to enhance financial inclusion, to extend the acceptable identification options.

“Accordingly, all banks and other financial institutions are hereby advised to accept INEC Voter’s Registration Card duly issued by INEC, bearing the holder’s particulars such as name, photograph, date of birth and address as a valid additional means of identification of natural persons for the purpose of conducting banking business in Nigeria.”

In another development, the CBN has commenced measures for banks to have a common account opening procedure. The apex bank yesterday issued a draft documents for account opening by individuals and corporate bodies. The draft document was communicated to banks via a circular titled, Account Opening Forms. It stated that, “the absence of uniformity in account opening procedure and documentation for prospective customers has continued to hinder the effectiveness·of KYC requirement in banks and other financial institutions in Nigeria.

“The adverse implication of this on the fight against money laundering and combating of financing of terrorism cannot be overemphasized. The CBN, in conjunction with the Committee of Chief Compliance Officers of Banks in Nigeria, CCCOBIN, has therefore developed draft uniform account opening forms for adoption by banks and other financial institution”.

Vanguard

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GTBANK Writes Customers Over Internet Banking

 

GT Bank is currently upgrading its systems,it issued out this release today on the upgrade and its effect on transactions. Read the message  below:

Dear Valued Customer,

Thank you for maintaining a banking relationship with Guaranty Trust Bank plc.

In line with our commitment to ensure you perform your banking transactions quickly, safely and conveniently, we would like to inform you that we are presently upgrading the security features for third party transfers and several other functions on our internet banking platform.

Kindly note that during this upgrade exercise the third party transfer function for Savings Accounts on our Internet Banking platform will be unavailable to customers. Should you require to transfer money to a third party, please transfer the funds to your current account and then perform the transaction. You can also visit any GTBank branch nationwide to effect your transfer.

We sincerely regret all inconveniences caused by this development and assure you of our commitment to providing you with excellent service at all times.

For more information, please to GTConnect on 01-4480000, 08029002900 or 08039003900 or visit our website www.gtbank.com.

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Tony Elumelu On The Cover Of Forbes Africa

On the cover of the June 2012 issue of the African edition of International business Magazine – Forbes is top Nigerian economist, banker, investor and philanthropist Tony Elumelu.

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