Nigerian CommunicationWeek

National Mobile Payment Scheme to Commence Mid Year

The Central Bank of Nigeria (CBN) has said that the national mobile payment system will take off in the country by middle of the year.
Mr. Abayomi Atoloye, acting director, Banking Operations said this at a workshop on mobile payment regulatory framework dissemination organised by Enhancing Financial Innovation and Access (EFInA) in Lagos recently.
Atoloye, who represented Mr. Tunde Lemo, the deputy governor, Banking Operations, delivered the key note address: Overview of the Central Bank of Nigeria’s Mobile Payments Regulatory Framework and the Future of Mobile Payments in Nigeria.
He said that the apex bank has received many applications for license to operate mobile payment schemes in the country.
“In preparation for the commencement of mobile payment in the country, CBN has set up a mobile payment policy and oversight unit with the mandate to ensure compliance and recommend approval for license,” he said.
Enhancing Financial Innovation and Access (EFInA) is an independent, professional and non-profit organisation set up for the purpose of promoting pro-poor Financial Sector Development and Financial Inclusion in Nigeria.
The workshop was organised as part of its mandate to facilitate the development of Innovative Inclusive Financial Services for the unbanked and under-banked in the country as well as to address major issues raised in the regulatory framework issued by the CBN in June 2009.
Modupe Ladipo, EFInA Chief Executive Officer said when the CBN issued its Mobile Payments Services Regulatory Framework in June 2009, it became necessary for EFInA, given its mandate, to provide a platform for stakeholders to share their views and agree on the implementation of the framework.
According to her, “This workshop serves as an opportunity for knowledge exchange between the regulators and key stakeholders (banks, payment service providers and mobile operators) on perspectives on the regulation of mobile payments and branchless banking in different jurisdictions.
The workshop will also create awareness of the framework and provide stakeholders the opportunity to present their views.”
Pointing out that EFInA’s mandate is to facilitate the development of Innovative Inclusive Financial Services for the unbanked and under-banked, Ladipo noted that EFInA believes the implementation of Mobile Payments in Nigeria is critical to the achievement of this goal.
She said, “EFInA’s aim is to become an innovation centre targeting catalytic change across Nigeria’s financial sector, to make markets work for those currently excluded from the formal financial services.”

 

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