Regulatory Alerts2012-12-21 | BPS/DIR/GEN/CIR/01/014Timeline for Interoperability and Interconnectivity
In order to enhance Nigeria's mobile payment system, the Central Bank of Nigeria directs all mobile money operators (MMOs) to fully connect their schemes to the National Central Switch by February 28, 2013. This mandate was reached during the Mobile Payment Forum on November 29, 2012, and failure to comply will result in appropriate sanctions.
09-46238455(Fax) 0946238445(Tel) CENTRAL BANK OF NIGERIA Central Business District P.M.B. 0187 Garki, Abuja BPS/DIR/GEN/CIR/01/014 December 14, 2012 TO: ALL MOBILE MONEY OPERATORS TIMELINE FOR INTEROPERABILITY AND INTERCONNECTIVITY In furtherance of the CBN's efforts at ensuring effective and robust mobile payments system, all MMOs are hereby directed to fully connect to the National Central Switch (NCS) on or before February 28, 2013, to ensure interoperability and interconnectivity of their schemes.
You will recall that this decision was reached at the Mobile Payment Forum held on November 29, 2012.
For the avoidance of doubt, appropriate sanctions will be imposed on any Mobile Payment Operator that fails to comply with this circular.
'Dipo Fat Director, Banking & Payment System Department