E-Financial
MM Operators Race to Interoperability Deadline
Mobile money service providers in the country are making last-ditch effort to connect to the National Central Switch (NCS) in compliance with the directive of the Central Bank of Nigeria (CBN), Nigeria CommunicationsWeek has learnt.
Connecting to the NCS means that operations of mobile money service providers are interoperable.
It is basically the ability of the user of one mobile money service to send money directly to the wallet of a user on any other service.
Without interoperability the difficult decision of which mobile money service to choose might be influenced by which members of the customer’s peer group are already using a given service.
People familiar with the workings of mobile money touted as the game changer expect 80 per cent compliance rate by the end of February 28 deadline.
They said that interoperability among operators is responsible for the slow growth of mobile money in the country.
With just days left to the deadline given to mobile money operators to connect to National Central Switch (NCS), revealed that most of the operators in the sector have integrated their system with that of NCS.
Further investigations showed that Nigeria Inter-Bank Settlement System (NIBSS) operators of NCS is testing integrated mobile money operators’ system to ensure that the meet its specification.
Emmanuel Okoegwale, principal associate, MobileMoneyAfrica, said there are different levels to achieve inter operability. It could be platform, agency or even via other channels like merchants.
“Essentially interoperability enables the acceptance of e-money seamlessly across providers, agency network and event merchants. Interoperability for agent revolves around agents ability to meet the needs of subscribers across multiple providers for cash out and cash in service, same way ATMs don’t discriminate between cards of firms that had entered into interoperability agreements at National or even at international level. It significantly reduces the cost for ecosystem players across agency network,” he said.
He added that when interoperability is achieved in the system a subscriber of scheme provider A, can send mobile money from his wallet to subscriber that is enrolled in scheme provider B and the funds in the wallet can be spent directly at a merchant location or cash out at own agent locations.
It would be recalled that Central Bank of Nigeria (CBN) directed the 16 Mobile Money Operators (MMOs) in the country to fully connect to the National Central Switch (NCS) before Feb. 28.
The CBN gave the directive in a circular entitled “Timeline for Interoperability and Interconnectivity”. The circular was signed by Mr. Dipo Fatokun, CBN’s director of banking and payment system.
The circular stated that full connection to NCS would enhance MMOs’ “inter-operability and interconnectivity“.
It added that “for avoidance of doubt, appropriate sanction will be imposed on any mobile payment operator that fails to comply with the circular“.
The CBN issued licences to 16 companies to operator mobile money transactions.
The CBN had said that the MMOs were licensed to accelerate the transformation of the nation’s payment system which would emphasis use of mobile phones.
At the third Mobile Money Expo in Lagos, financial experts wax worriedly because of interoperability challenges.
Mr. Chalapathi Rao Immidi, director and head, Global Business Development, Mfino, said interoperability was needed for providers to share their infrastructure networks, thereby enabling multiple allowances, without which the economy would not grow.
“Imagine all of us not being able to talk to people not on our mobile network, because they are on other networks,” he said.
Rao Immidi said providers would have to operate in unison to make the adoption of mobile money easier.
“This will enable many factors and many people and organizations and banks will be encouraged to participate and there will be more range of products to offer customers,” he said.
According to him, mobile money has a lot to offer apart from the basic sending and receiving of money, as it can be used for government disbursement, salary payment, settling of daily paid workers and more.
He said, “A synergy in operation would offer greater value to customers. Countries that connect though bridges are the one that had their economy grow.
“Once there is connectivity, communication and a common source, there would be a pool of customer expansion, agents will find it easier to run operation, while reducing cost, and there will be general access expansion.”
Nodding agreement, Mr. Lanre Osibona, financial expert, said for interoperability to be achieved, it would have to cut across provider platforms, agents and customers, such that providers could send money to other provider platforms seamlessly.
According to him, agents can serve customers from any provider without having multiple platforms to perform their service; and customers can access any provider irrespective of the SIM card, network or handset they possess.
“The question is, are we mature enough for this? Is the market mature enough for this?” Osibona asked.
According to him, Nigeria has not exactly done that badly, as Paga, one of the leading providers of mobile money in the country, is ahead of MPesa, of Kenya, if statistics they have presented is to be followed.
Osibona said, “Technology must be open for developers to meet our local challenges. Culturally, we are so into cash and that is a challenge in itself. There needs to be a drive. We need to transform and change the orientation of people.
“You have to make people want to use it. We are doing okay, but we need to do more.”
There are over 20 licensed mobile money operators in Nigeria.
“We need to start thinking of unique ways to address the issue. We are in it and we need to make it work,” Osibona added.
Nigeria’s Bank Verification Number (BVN) database expanded to 69.55 million as of July 5 2026 from 69.32 million in June 2026, according to latest data released by the Nigeria Inter-Bank Settlement System (NIBSS).
BVN is an 11-digit biometric identification system introduced by the Central Bank of Nigeria and managed by the Nigeria Inter-Bank Settlement System (NIBSS) to secure customer accounts and reduce fraud.
This means that BVN enrolments increased by 228,947 between June and July 5 this year.
With the BVN database standing at 67.8 million as of December 31, 2025, it also means that the database grew by 1.75 million between the end of last year and July 5, 2026.
Specifically, with less than 1.8 million BVN enrolments so far recorded for this year, it is looking highly unlikely that BVN registrations at the end of 2026 will come close to the 4.3 million total registrations recorded in 2025.
Analysts note that while the expansion in the BVN database last year was largely driven by the introduction of the NonResident Bank Verification Number (NRBVN) initiative, which enables Nigerians in the diaspora to do their BVN enrolment remotely, thereby removing physical barriers and boosting cross-border financial engagement, the Central Bank of Nigeria (CBN) in March this year, announced a revised BVN regulatory framework, that saw it introducing stricter controls on suspected fraudulent transactions, BVN enrollment, and data access within the banking system.
According to the regulator, the amendments to the BVN framework, which came into effect on May 1, 2026, were aimed at strengthening fraud monitoring, improving identity management within the financial system and safeguarding the integrity of banking transactions, by strengthening identity verification and ensuring that BVN registration aligns with legally recognised age thresholds.
Thus, under the revised BVN framework, the apex bank introduced a stricter age requirement for BVN enrolment, limiting registration to 18-year-old individuals and above.
Also, under the new framework, customers will only be allowed to change the phone number associated with their BVN once. The CBN further stated: “Under the new guidelines, financial institutions are required to establish and maintain a temporary watch-list for BVNs linked to suspected fraudulent transactions reported within the banking system.
“A BVN may remain on this temporary Watch-list for a maximum period of twentyfour (24) hours, during which the BVN owner shall be contacted to provide clarification regarding the identified transaction(s).”
Launched on February 14, 2014, by the CBN in collaboration with the Bankers’ Committee, the NIBSS, and the German firm Dermalog, the BVN scheme was designed to capture the biometrics of all bank customers and provide each with a unique 11-digit identification number that can be verified across the Nigerian banking industry.
Central Bank of Nigeria (CBN) has reaffirmed that the standard N100 banknote remains legal tender across the country, warning that its rejection by individuals, businesses and institutions violates the law.
The clarification follows reports that some members of the public have refused to accept the standard N100 note over concerns about its legal tender status following the introduction of the commemorative N100 banknote issued to mark Nigeria’s centenary.
In a statement signed by Mrs. Hakama Sidi-Ali, acting director of Corporate Communications, the apex bank stressed that “both the commemorative N100 banknote and the standard N100 banknote are valid legal tender and must be accepted for all transactions nationwide.”
The CBN explained that the commemorative N100 note was introduced to celebrate Nigeria’s centenary and did not replace the existing standard N100 banknote.
The CBN cautioned individuals, businesses, financial institutions and other economic agents against rejecting the standard N100 note, noting that such action contravenes the provisions of the CBN Act and undermines public confidence in the national currency.
It warned that appropriate enforcement measures would be taken against any person or organisation found violating the law.
The apex bank reaffirmed its commitment to protecting the integrity of the naira, maintaining confidence in all duly issued banknotes and ensuring the smooth circulation of currency across the country.
The CBN also urged members of the public to continue accepting and transacting with all banknotes legally issued by the Bank and advised anyone seeking further clarification to use its official communication channels.
FCMB Asset Management Limited (FCMBAM), the asset management arm of FCMB Group Plc, has received an upgrade to its national scale long-term and short-term issuer ratings of A(NG) and A1(NG), from A-(NG) and A2(NG), by GCR Ratings, a leading pan-African credit rating agency.
The outlook on the ratings remains stable, said the rating agency.
The upgrade is anchored on FCMBAM’s competitive resilience and financial discipline, alongside the strengthened credit profile of FCMB Group.
GCR highlighted FCMBAM’s decade-long track record of strong performance, well-established brand franchise, diversified product suite and robust distribution network as key drivers of its standalone strength.
These are further supported by consistent earnings growth and a disciplined, unleveraged balance sheet, it said.
According to GCR, FCMBAM’s competitive position is supported by “its relatively long track record, strong brand franchise, established product and geographical distribution network and cross-selling opportunities,” with the rating agency noting that FCMBAM ranks among the top five asset managers in Nigeria, with an estimated five per cent share of a fragmented market as of 31 December.
The Company’s financial performance underpinned the upgrade, with revenue growing by 30 per cent and operating cash flow increasing by 13 per cent, enabling the business to be fully funded without recourse to debt.
Liquidity strengthened further, with liquidity sources versus uses improving to 5x as of December 2025, from 3.6x a year earlier, while the EBITDA margin edged up to over 58 per cent.
Commenting on the upgrade, the Chief Executive Officer of FCMB Asset Management, James Ilori, said: “This upgrade is an important external validation of a strategy we have pursued with discipline over many years: building an investment franchise that performs reliably, governs itself rigorously, and earns trust in every market cycle. It speaks to the strength of our membership of FCMB Group and to a culture that holds itself to local and global standards of risk management and capital stewardship.
“As Nigeria’s asset management industry enters a new era of higher capital thresholds and rising investor expectations, we intend to lead from the front – ahead of regulatory timelines, ahead in digital transformation and ahead in the outcomes we deliver for the clients who trust us to assist them in achieving their investment objectives.”
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