The apex regulator pointed out that introduction of mobile
telephony in Nigeria, its rapid growth and adoption 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.
CBN noted that these factors underscore the decision of the
Central Bank of Nigeria to issue this regulatory framework to create an
enabling environment for the orderly introduction and management of mobile
money services in Nigeria.
“The Framework defines the regulatory environment as a
policy path towards achieving availability, acceptance and usage of mobile
payment services.
“Mobile payment has evolved as a veritable channel for
facilitating the growth of commerce.
CBN said the use of the mobile phone for the initiation,
authorization and confirmation of the transfer of value out of a current,
savings or stored value account has been recognized as a development that is
expanding the growth of commerce among both the financially included and
non-included units in the economy.
CBN remind the stakeholders that this regulatory framework
addresses business rules governing the operation of mobile money services, and
specifies basic functionalities expected of any mobile money service and
solution in Nigeria.
The statement disclosed that it identifies the participants
and defines their expected roles and responsibilities in providing mobile money
services in the system. In addition, it sets the basis for the regulation of
services offered at different levels and by the participants, it added.
“The overriding vision of achieving a nationally utilized
and internationally recognized payments system necessitates strategies to bring
informal payment transactions into the formal system.
CBN further said that this framework has identified two
models for the implementation of mobile money services namely;
- Bank Led – Bank and/or its Consortium as Lead Initiator
- Non-bank Led- A corporate organisation duly licensed by the CBN as Lead Initiator
The CBN recognizes the importance of Mobile Network
Operators (MNOs) in the operations of mobile money services and appreciates the
criticality of the infrastructure they provide. However, the telco-led model
(where the lead initiator is an MNO), shall not be operational in Nigeria.
“Its exclusion will enable the CBN have full control of
monetary policy operations, minimise risks and ensure that the offerings of
financial services are driven by organizations that have been licensed by the
CBN to do so.
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