Regulatory Alerts2009-06-11 | BOD?RTP/GEN/RVP/01/002ARegulatory Framework for Mobile Payments Services in Nigeria
The Central Bank of Nigeria (CBN) has issued guidelines for the regulation of mobile money and payment services. The main objectives are to ensure financial inclusion, security, stability, efficiency, transparency, and competition in the Nigerian payments ecosystem. To achieve these goals, the CBN will establish an Office of Ombudsman to handle disputes and complaints. It also mandates scheme operators to use interoperable systems, ensuring that payment instruments belonging to one scheme can be used in others. In addition, the CBN sets out minimum standards for accessing payment services and provides a list of responsibilities for both users and service providers. The guidelines are an important step towards building a robust and efficient mobile payments system in Nigeria.