Regulatory Alerts2014-11-05 | BPS/DIR/GEN/CIR/01/005/AGuidelines on Mobile Payments Services in Nigeria
The Central Bank of Nigeria (CBN) has issued guidelines for mobile payment services in the country, aiming to promote financial inclusion and enhance user confidence in these services. Two models for implementing mobile payments are outlined: bank-led and non-bank-led. Banks and licensed corporate organizations have distinct roles and responsibilities, including providing financial services, ensuring regulatory compliance, and educating customers. Mobile Network Operators (MNOs) are responsible for providing a secure telecommunication infrastructure. Consumers have rights and responsibilities, including ease of enrollment and use, privacy, and security. The settlement process ensures compliance with standards, and the CBN reviews risk management programs. Technology standards focus on modularity, reliability, and user interface. Know Your Customer (KYC) and Customer Due Diligence (CDD) requirements are outlined, and dispute resolution mechanisms are emphasized.