Commercial Banks Gain Full Authority from Central Bank to Operate Mobile Money Wallets
The directive was contained in a circular issued by the apex bank to the DMBs (Deposit Money Banks). The circular titled ‘Operation of mobile money wallets by DMBs’ was signed by Sam Okojere, Directors of Payments System Management Department and Ahmad Abdullahi, Director of Banking Supervision Department.
The Central Bank of Nigeria remains committed to deepening financial inclusion in line with its objectives to achieve the national financial inclusion target of 80 percent by 2020.
To complement recent growth in the agent banking services under the Super Agent and SANEF initiative, and in recognition of the increasing demand for no-frills mobile money services, the CBN hereby directs that Deposit Money Banks shall henceforth not require prior approval to offer mobile money wallet services.
DMBs are, however, expected to notify the CBN before the commencement of these services and are required to operate within the extant regulations on mobile money operations.Excerpt of directives in the circular received on Thursday, 4th of July 2019. Signed by Sam Okojere, Directors of Payments System Management Department and Ahmad Abdullahi, Director of Banking Supervision Department.
Mobile Money Service is an electronic wallet service created in 2012 as a measure to implement the CBN’s cashless policy. The operation qualities being that the Mobile Wallet allowed users to store, send and receive money through their mobile devices.
The directive of CBN is geared towards hastening the growth in agent banking services under the Super Agent and the Shared Agent Network Expansion Facility (SANEF) initiative.
The immediate benefits of the authorisation granted commercial banks is the freedom to fulfill the demand for no-frills mobile money services. Mobile Money Wallet is tailormade to fit the everyday lives of Nigerians.
The actions of the CBN reflects the efforts of the body to actualize 80% of its proposed financial inclusion target by 2020. Nationwide implementation of the Mobile Money Wallet can drive the development and modernisation of the payment system in line with Vision 2020.
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