Success of mobile money is vital, Ericsson boss advises CBN, telcos

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Rutger Reman, President and Managing Director of Ericsson Nigeria, has urged stakeholders in the Nigerian information communications , ICT ecosystem to reduce incidence of frauds  in Nigeria by ensuring the success of mobile money.

Reman who spoke on Digitalising Nigeria: The Role of Ericsson in Lagos recently soon after he resumed as the new MD noted that relevant stakeholders including the Central Bank of Nigeria (CBN), the Communications Technology Ministry, deposit money banks (DMBs), the Nigerian Communications Commission (NCC), among others must ensure that the initiative is successful because of its benefits to the Nigerian economy.

According to him, punitive cost of printing, maintaining and managing cash will be reduced to the barest minimum while the CBN will be able to ascertain the quantity of currency in circulation at every given period of time.

CBN Governor, Mr Godwin Emefiele According to him, mobile money will reduce the incidence of frauds, dangers to life associated with carrying huge cash, deepen financial inclusion.

He said that Erickson’s m-commerce solutions have edge in proactive maintenance to increase quality and lower cost, evolve from traditional business to business (B2B) relationship to direct B2C, secure and capture after-market sales through customer intimacy.

He added that it enables new revenue streams and innovative partnerships “The solution is explicitly tailored to provide a new channel enabling financial inclusion, providing easy-to-use and secure next-generation mobile financial services, including those who do not have access to traditional banking services.

Ericsson m-commerce solution includes the development of a mobile money platform, systems integration, learning services, managed services and support,” he said.

He said 40 per cent of global mobile traffic is carried over Ericsson networks with leadership position in Long Term Evolution (LTE ) in world’s top 100 cities.

According to him, ICT enablement facilitated by the technology giant include smart transport, smart buildings, smart travel, smart work, smart agriculture and land use, smart services/smart industry, smart grids (including smart homes).

According to him, while 70 per cent of the world’s population will live in cities by 2050; 1.8 billion will experience water scarcity by 2025; 2 billion vehicles on the roads in the world by 2035, technology will help address the wastage in the power and water sectors, adding in the area of waste management, technology has done wonders.

He predicted that in-building wireless market will more than double by 2020, to reach around $6 billion; Indoor wireless data traffic will grow more than 600% by 2020

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