CBN Issues New Guidelines on Mobile Money Services

Central Bank of Nigeria (CBN), yesterday approved new guidelines for Mobile Money Services in the country.

The apex bank in a circular stated specifically that the guidelines were issued to address business rules governing the operation of mobile money services, and specifies basic functionalities expected of any mobile payment service and solution in the country.

The guidelines also identified the participants and defined their expected roles and responsibilities in providing mobile money services in the system as well as set the basis for the regulation of services offered at different levels and by the participants.

The CBN listed the objectives of the regulatory guidelines as including, ensuring a structured and orderly development of mobile money services in the country, with clear definition of various participants and their expected roles and responsibilities.

Similarly, the guidelines specifies the minimum technical and business requirements for the various participants recognised for the mobile money services industry and promotion of safety and effectiveness of mobile money services and thereby enhance user confidence in the services.