CBN approves 2 models of mobile money services


Central Bank of Ni­geria (CBN) has ap­proved two models for the implementation of mobile money services in the country.

The Regulatory Framework and Guidelines on Mobile Money Services in Nigeria is­sued by CBN on its website, classified the services as bank led, which is a bank and/or its consortium as lead initiator and non-bank led, which is a corporate organisation duly licensed by CBN as lead ini­tiator.The apex bank explained that the introduction of mobile telephony in the country, and the identification of person to person payments as a practi­cal strategy for financial inclu­sion, has made it imperative to adopt the mobile channel as a means of driving financial in­clusion of the unbanked.

The bank-led model al­lows a bank either alone or a consortium of banks, whether or not partnering with other approved organisations, seek to deliver banking services, leveraging on the mobile pay­ments system. This model would be applicable in a sce­nario where the bank operates on stand-alone basis or in col­laboration with other bank(s) and any other approved organ­isation.

The apex bank’s guidelines noted that the lead initiator should be a bank or a consor­tium of banks, stating that the non-bank led model allows a corporate organisation that has been duly licensed by CBN to deliver mobile money services to customers.

According to CBN, the lead initiator shall be a corporate or­ganisation (other than a deposit money bank or a telecommu­nication company) specifically licensed by CBN to provide mobile money services in Ni­geria. Under this arrangement, the participants are grouped into six categories: regulators (CBN), Nigerian Communi­cations Commission (NCC), mobile money operators, in­frastructure providers, other service providers, consumers and mobile money agents.

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