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The guidelines issued by the Central Bank of Nigeria, CBN allows for operations of mobile money services in Nigeria. However, it limits MMOs to certain monetary transactions and prohibits them from accepting foreign currencies among others.
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.
- CBN excludes telcos as mobile money operators in Nigeria
- 19 CBN designated banks for the collection of fees under NESS
- CBN Framework for Non-Bank Acquiring in Nigeria
- CBN extends Naira 4 Dollar Scheme until further notice
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.
- Insurance underwriting
- No acceptance of closed scheme electronic value (e.g. airtime) as a form of deposit or payment
- The CBN prohibits the establishment of subsidiary
- No engageing in activities and transactions that may be prohibited by the CBN or is not prescribed by the guidelines.
