2015-11-18 | TED/FEM/FPC/GEN/01/022

Guidelines on International Mobile Money Remittance Service in Nigeria

The Central Bank of Nigeria (CBN) has issued guidelines for international mobile money remittance services in the country, including requirements for operations, infrastructure, and risk management. Institutions seeking to offer these services must meet specific conditions, including a minimum net worth, and partner with authorized dealer banks in Nigeria. The guidelines outline the roles and responsibilities of participants, such as banks, infrastructure providers, and mobile network operators, and set standards for transaction security and consumer protection. The CBN will review risk management policies and may impose sanctions for non-compliance.

Nigeria

Central Bank of Nigeria

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