Stakeholders in the telecommunication sector have said mobile money services should be driven by telecoms companies, a position that runs contrary to that of the Central Bank of Nigeria.
In its recently released ‘Regulatory Framework for Mobile Money Services in Nigeria’, the CBN said there shall be only two models for the implementation of mobile money services in Nigeria.
They are the bank-led, where a bank and/or its consortium will serve as the lead initiator; and the non-bank-led, where a corporate organisation duly licensed by the CBN will serve as the lead initiator.
However, the Chairman, Association of Licensed Telecommunication Operators of Nigeria, Gbenga Adebayo, has said that the new CBN models would slow down financial inclusion penetration.
Adebayo said for rapid coverage and full inclusion, mobile operators would have to take the lead.
According to the CBN, telcos will provide the infrastructure needed to drive the exchange of messages for mobile payments. Even though the CBN allows for a non-bank-led model, telcos are not to be considered.
