Central Bank of Nigeria, CBN has stated that its new guidelines for the implementation of mobile money services have identified two models for seamless operation of the system in Nigeria.
This was posted on the apex bank website yesterday. According to the CBN, the guideline stipulates Bank led and the non-bank led models operators can apply for.
CBN explained that the Bank-led Model is a model where a bank either alone or a consortium of banks, whether or not partnering with other approved organizations, seek to deliver banking services, leveraging on the mobile payments system.
This model according to the apex bank shall be applicable in a scenario where the bank operates on stand-alone basis or in collaboration with other bank(s) and any other approved organization.
However, the Lead Initiator here shall be a bank or a consortium of banks.
On the other hand, the Non-Bank led Model allows a corporate organization that has been duly licensed by the CBN to deliver mobile money services to customers. The Lead Initiator shall be a corporate organization (other than a deposit money bank or a telecommunication company) specifically licensed by the CBN to provide mobile money services in Nigeria.
CBN said that the new guideline is in line with the exercise of the powers conferred on it by Section 47(2) of the CBN Act, 2007, to promote and facilitate the development of efficient and effective system for the settlement of transactions, including the development of electronic payment systems; and Pursuant to its mandate of promoting a sound financial system in Nigeria.
It further noted that the 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.
It believed that the guidelines would create an enabling environment for the orderly introduction and management of mobile money services in Nigeria. This guideline addresses business rules governing the operation of mobile money services, and specifies basic functionalities expected of any mobile payment service and solution in Nigeria.

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