Regulatory Alerts2021-07-09 | PSM/DIR/CON/INM/011/091Framework and Guidelines on Mobile Money Services in Nigeria
The Central Bank of Nigeria has issued a regulatory framework for mobile money services in the country, with the aim of promoting financial inclusion and a robust payments system. The framework defines the roles and responsibilities of participants, including banks, non-bank mobile money operators, infrastructure providers, and consumers. It outlines the minimum technical and business requirements, transaction security standards, and risk management guidelines. Mobile money transactions can be bank account-based, card account-based, or stored value-based, with limits set for transaction and balance amounts. The Central Bank will oversee settlement processes and dispute resolution, while also ensuring consumer protection and anti-money laundering regulations are adhered to.