Mobile money'll boost Nigerian economy ' Stanbic IBTC

Stanbic IBTC Bank has called for the quick adoption of the mobile money model in the country, saying that the implementation will further boost the nations economy.The bank in a statement on Friday said the model would facilitate the understanding of the countrys true Gross Domestic Product by the Central Bank of Nigeria, improve national planning by government, financial inclusion, as well as enhance economic activities.These and others such as reduced cost of cash handling and cost of funds, convenient and secure payment method would also be enhanced, the Head of Personal and Business Banking Division, Stanbic IBTC Bank, Mr. Obinnia Abajue, said .He said that mobile money would integrate Nigerias huge informal economy, which is driven by unbanked small-scale farmers, traders, craftsmen and other types of small and medium sized businesses, into the formal economy.According to him, lower transaction costs, convenience and the secure nature of the mobile money platform will strongly appeal to these segments of the society.Speaking on the theme, Opportunities in Nigerias Emerging Cashless Economy, at the Mobile Money Round Table organised recently in Lagos, Abajue said, Government and banks have been at the forefront of channelling the huge funds in the informal sector through the formal banking system to bolster economic development.Mobile money will fast- track this harmonisation, and also identify economically active people previously in the shadows in the huge informal cash economy, enabling them to have access to credit facilities.He said mobile money would bring about transparency, improved remittances and economic activities across various sectors of the economy, both in urban and rural areas.To achieve this, he noted that it was imperative for the regulators, licensed operators and other stakeholders to embark on an awareness campaign to educate Nigerians about the benefits of mobile money. This will drive its acceptance, thereby accruing huge benefits to the economy, he added.
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