The Rise And Rise Of Mobile Money

Friday, September 12, 2014

Mobile Money transactions are gradually taking off in Nigeria after a very slow start due to inability to fully comprehend the scheme, lack of technology by those licensed to operate it and low level of the awareness by the public. There are 18 licensed mobile payment services providers in Nigeria, comprising banks and companies established for this purpose under the 2009 Regulatory Framework for Mobile Money transactions are gradually taking off in Nigeria after a very slow start due to inability to fully comprehend the scheme, lack of technology by those licensed to operate it and low level of the awareness by the public. There are 18 licensed mobile payment services providers in Nigeria, comprising banks and companies established for this purpose under the 2009 Regulatory Framework for Mobile Payment Services. No other country in the world has such a higher number of mobile money providers.

Nigeria’s regulatory framework allows three models, which the Central Bank of Nigeria (CBN) describes as: i. Bank-led ii. Non-bank-led, and iii. Bank-focused.

It specifically excludes telecom operators from providing mobile payments services, limiting their role to merely the provision of the channel (infrastructure) through which other providers’ services can be offered. Those earlier given provisional licence by CBN include FirstBank/FirstMonie, Fortis Mobile Money, UBA/Afripay, GTBank Mobile Money, Pagatech, eTranzact, Monetise, Eartholeum, Paycom, FET, Ecobank and Kudi.

Source: Leadership (link opens in a new window)

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mobile banking, mobile finance, mobile money