The Central Bank of Nigeria said its guidelines allows for operations of mobile money services in the country, but limits Mobile Money Operators to certain monetary transactions.
It also prohibits them from accepting foreign currencies among others.
According to the Apex bank, the rules maintain bank accounts, card accounts and e-Wallet accounts as the only scenarios for mobile money transactions.
CBN new framework is a guide for the activities of participants in the provision of mobile money services. The mobile money system in Nigeria encompasses various components working together to deliver financial services to the banking and non-banking community.
Those are the regulators, mobile money operators, infrastructure providers, other service providers, consumers and agents.
The CBN guidelines limit the activities of Mobile Money Operators to these:
Mobile Money Operators can not grant any form of loans, advances and guarantees. They can not accept foreign currency deposits.
No foreign exchange deal or participation in foreign exchange markets by MMOs.
The CBN makes an exception if the deals falls under the Section 4.1 (ii & iii) of the extant Guidelines for Licensing and Regulation of Payment Service Banks in Nigeria.