Regulatory Alerts2009-06-11 | BOD/RTP/GEN/RVP/01/002Circular on Regulatory Framework for Mobile Payments Services in Nigeria
On June 11th, 2009, the Central Bank of Nigeria (CBN) released a regulatory framework for mobile payments services in Nigeria, aiming to extend banking services to a larger population utilizing the country's widespread use and acceptance of mobile phones. The CBN encourages the introduction of payment services through these devices as an effective means to advance financial inclusion.
June 11, 2009 CENTRAL BANK OF NIGERIA Business Central Area District P.M.B. 0187 Garki, Abuja
09-61638445 09-61638455 (Fax) BOD/RTP/GEN/RVP/01/002 To: The General Public REGULATORY FRAMEWORK FOR MOBILE PAYMENTS SERVICES IN NIGERIA
The Central Bank of Nigeria, in its desire to extend banking services to a wider segment of the Nigerian public, has identified mobile telephony as a veritable avenue for advancing financial inclusion. In view of the penetration and wide acceptance of the mobile phone services in Nigeria, the Bank is encouraging the introduction of payments services through the mobile phone. The Central Bank of Nigeria hereby issues the following regulatory framework for the operations of mobile payments services in Nigeria.
Thank you E.C. Obaigbona For: Director, Banking Operations Department