By Hamisu B. S
Operation of mobile money wallets by deposit money Banks
The Central Bank of Nigeria (CBN) remains committed to deepening financial inclusion in line with its objective to achieve the national financial inclusion target of 80% by 2020.
To complement the recent growth in 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 directs that Deposit Money Banks (DMBs) 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 extent regulations on mobile money operations.
