The Central Bank of Nigeria (CBN) has revealed that a mobile payment system will commence in the country by the middle of 2010.

According to Vanguard newspaper, the Deputy Governor of Banking Operations, Tunde Lemo, speaking through a representative, said this during a workshop on mobile payment regulatory framework dissemination.

Lemo said the CBN has received numerous applications for licences to operate mobile payment schemes in the country.

He explained that in preparation for the take-off of mobile payment in Nigeria, the apex bank has established a mobile payment policy and oversight unit with the mandate to ensure compliance and recommend approval for licence.