The Central Bank of Nigeria, CBN, over the weekend, released regulatory guidelines and framework for Mobile Money Services in the country.
According to the CBN, this was in a bid to promote financial development.
The introduction of mobile telephony in Nigeria and its rapid growth and adoption among other factors have underscored its decision to issue the framework as it will create an enabling environment for the orderly introduction and management of mobile money services in Nigeria.
The CBN said that the Framework defines the regulatory environment as a policy path towards achieving availability, acceptance and usage of mobile payment services.
This guideline covers business regulations governing mobile money service operations and describes the required fundamental features of any mobile payment service and solution in Nigeria.
It describes and defines the participants in the mobile money services system in their expected roles and duties. It also lays the groundwork for regulating services provided at various levels by participants.