CBN Says Banks Can Now Operates Mobile Wallet

The Central Bank of Nigeria has said that Deposit Money Banks can now operate mobile money wallet services without prior approval. The banking regulator stated this in a circular to DMBs with the title, ‘Operation of mobile money wallets by DMBs,’ on Thursday, July 4, 2019.

It stated that, “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 per cent 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.”