E-Financial
CBN Releases Guidelines, Framework for Mobile Money Services

The Central Bank of Nigeria, CBN, today released Regulatory Guidelines and Framework for Mobile Money Services in the country.
According to CBN, the introduction of mobile telephony in Nigeria and its rapid growth and adoption among other factors have underscored its decision to issue the framework as it will create an enabling environment for the orderly introduction and management of mobile money services in Nigeria.
It said: “The Framework defines the regulatory environment as a policy path towards achieving availability, acceptance and usage of mobile payment services.”
The apex bank also said that the objectives of the guidelines are to ensure a structured and orderly development of mobile money services in Nigeria, with a clear definition of various participants and their expected roles and responsibilities; Specification of the minimum technical and business requirements for the various participants recognized for the mobile money services industry in Nigeria; and promote safety and effectiveness of mobile money services and thereby enhance user confidence in the services.
The Guidelines on Mobile Money Services stated that the Mobile Money Operators (MMOs)shall not carry out the following activities: Grant any form of loans, advances and guarantees (directly or indirectly); Accept foreign currency deposits; Deal in the foreign exchange market except as prescribed in Section 4.1 (ii & iii) of the extant Guidelines for Licensing and Regulation of Payment Service Banks in Nigeria; Insurance underwriting; Accept any closed scheme electronic value (e.g. airtime) as a form of deposit or payment; Establish any subsidiary; Undertake any other transaction which is not prescribed by these Guidelines; And any other activities that may be prohibited by the CBN.
On interest distribution on savings wallet, Section 10.1.3 stated: “Fees and charges for the management of the investment shall not be more than 10 per cent of interest income on savings wallet funds investment; Where an MMO operates a savings wallet, i.e., a wallet earning interest, it shall expressly inform subscribers of the following:
“The minimum balance on the savings wallet that qualifies to earn interest; The allowable number of withdrawals to be entitled to earn interest; The minimum savings period to earn interest; The applicable balance that would earn interest;
The procedure for determining interest amount distributable to subscribers should stipulate the minimum percentage of interest income to be distributed to subscribers and the proportion to be retained by the MMO, if applicable; The applications of section 10.1.3 (b) (i) to (v) in distributing interest shall be automated.
“The section further stated: “On no account whatsoever, shall a Mobile Money savings wallet account holder suffer diminution in the principal sum on his/her wallet as a result of fees or charges; Deposit Money Banks serving as settlement banks are prohibited from off-setting
any other transactions of the MMO, including the transaction wallet pool accounts, against the savings wallet principal pool accounts and savings wallets interest pool account; and MMOs shall comply with the minimum disclosure requirements on the financial statements as stipulated by the Bank”
” Funds on saving wallets shall be invested in only the Nigerian Treasury Bills (NTB); MMOs shall be treated as mandate customers of CBN for NTB subscription through the CBN NTB window, and MMOs shall have a process to determine appropriate cash balance on its Savings Wallet Principal Pool Account that will meet its savings wallets customers’ withdrawal requirements at every point in time.”
E-Financial
NDIC Calls for Inputs to IADI Core Principles for Effective Deposit Insurance

Nigeria Deposit Insurance Corporation (NDIC) has called for comments from financial services industry stakeholders in the country, policy makers and the general public towards the ongoing revision of the International Association of Deposit Insurers (IADI) Core Principles for Effective Deposit Insurance System.
The proposed revision launched by IADI in May 2025, is a significant step towards enhancing the resilience and relevance of deposit insurance frameworks in the face of an evolving global financial landscape.
Specifically, the revision is aimed at comprehensively addressing structural changes, including digital innovation, the growing role of deposit insurers in resolution, and lessons learned from the banking turmoil in March 2023, which is the most significant systemic stress event since the 2007-09 global financial crisis.
The IADI Core Principles are used by jurisdictions, including Nigeria, as a benchmark for assessing the quality of their deposit insurance systems and for identifying gaps in their deposit insurance practices and measures to address them.
The Core Principles are also used by the International Monetary Fund (IMF) and the World Bank in the context of the Financial Sector Assessment Programme (FSAP), to assess the effectiveness of jurisdictions’ deposit insurance systems and practices.
The first set of the Core Principles was issued jointly by the IADI and the Basel Committee on Banking Supervision (BCBS) in June 2009 while the document is subjected to periodic revision order to keep it up-to-date with evolving trends on the global financial system landscape.
As a founding and committed member of IADI, NDIC recognises the importance of the ongoing revision and hereby invites stakeholders and the general public to actively participate in the process by reviewing the document on the lin
E-Financial
Onafriq Marks 15 Years of Revolutionizing African Payments

Onafriq, Africa’s largest digital payments network, has celebrated a major milestone, connecting nearly 1 billion mobile money wallets and 500 million bank accounts across the continent.
According to a statement released by the company, Onafriq has evolved from a mobile money switch to a comprehensive omnichannel payments network, facilitating seamless transactions and financial inclusion.
The company’s network now connects 961 million registered mobile wallets and 464 million registered bank accounts, with over 2,000 cross-border payment corridors supported.
Speaking on the achievement, Dare Okoudjou, Founder and CEO of Onafriq, said, “We remain fully committed to connecting every individual and business in Africa with each other and the world.”
Okoudjou noted that the company has grown in lockstep with the continent’s digital evolution, from mobile money to bank accounts, remittances, and real-time trade.
As Onafriq embarks on its next chapter, the company aims to develop infrastructure with local relevance while maintaining the scale of its pan-African infrastructure.
A prime example is Nigeria, where Onafriq is developing a unique payments stack that combines the strength of its cross-border network with the regulatory and foreign exchange realities of one of Africa’s most dynamic economies.
The company is also exploring blockchain infrastructure and stablecoin integrations to facilitate near-instant, programmable payments, aligning with the objectives of the African Continental Free Trade Area (AfCFTA).
“We are increasingly focused on creating infrastructure with local depth,” Okoudjou said.
With extensive experience, wide reach, and a proven execution track record, Onafriq remains dedicated to building a payment infrastructure that unlocks prosperity across borders and within local communities.
E-Financial
UBA Compiles with NCC, to Deduct USSD from Customers’ Accounts
United Bank for Africa (UBA) has informed its customers that, in compliance with a new directive from the Nigerian Communications Commission (NCC), charges for USSD banking services will no longer be deducted from bank accounts, effective June 3, 2025.
In a notice sent to customers, the bank explained that the charges would now be deducted directly from users’ mobile airtime balances, in line with the NCC’s newly introduced End-User Billing (EUB) framework.
It said the new model aimed to ensure transparency in USSD transactions and shift billing responsibility to mobile network operators.
According to UBA, each USSD session would now cost ₦6.98 per 120 seconds, saying that customers initiating transactions would receive a prompt to provide consent at the start of each session, and airtime would only be debited if the bank is available to process the request.
The bank advised customers who are not comfortable with the new billing arrangement to opt for other digital banking alternatives such as the UBA mobile app and internet banking platform, which remain fully operational and user-friendly.
UBA reaffirmed its commitment to providing secure and accessible digital services, and encouraged customers to choose the channel that best suits their banking needs.
The policy marks a significant shift in Nigeria’s digital banking ecosystem and is expected to address longstanding disputes over USSD service charges between telecom operators and financial institutions.
- E-Business3 days ago
NIMC Plans to Register 95 Percent Nigerians by December
- News3 days ago
JAMB Waxes Worriedly over Rising Digital Exam Fraud
- Telecom3 days ago
9mobile Nigeria Inks Agreement to Roam with MTN
- Telecom3 days ago
IHS Nigeria Moves to Enhance G4S Secure Solutions Site Patrols and Increase Operational Efficiency with Patrol Vehicles
- E-Business2 days ago
AXIAN Telecom Invests in Jumia Post-MTN Era
- Telecom3 days ago
Banks, Telcos to Start Deducting USSD Charges from Airtime Today
- E-Financial2 days ago
UBA Compiles with NCC, to Deduct USSD from Customers’ Accounts
- E-Financial3 days ago
Fitch Upgrades Fidelity Bank’s National Rating to ‘A+(nga)’, Affirms Long-Term IDR at ‘B’