Regulatory Alerts2007-08-03 | TED-FEM-FPC-GEN-01-95-07Request for Information on Person -to -Person Payments
The CBN is seeking a solution for a mobile money payment platform in Nigeria. The platform must meet specific requirements outlined in the RFI, including security measures, infrastructure considerations, pricing and commercial models, and practical experience. The platform should enable cash-in and cash-out transactions, have end-to-end encryption, leverage existing infrastructure where possible, not be dependent on POS terminals, and match the pricing dynamics of cash. A proposed business model for the charges from Scheme Provider to Service Provider should also be identified. The response should highlight any predicted customer service issues and recommendation for handling enquiries. The platform must use existing banking infrastructure with a strong emphasis on using advanced mobile technology. The pricing of the service needs to be aligned such that it's perceived as free by the end-user, similar to cash transactions. The solution should ideally support a wide range of handsets and utilize the specific features present in more advanced handsets, for instance, allowing users to 'beam' their account identifier to reduce keystrokes. The proposed platform should have a simple dispute resolution procedure that is clearly articulated. It must also demonstrate resilience with no single point of failure and have full contingency plans. Full commercial terms for the charges from Scheme Provider to Service Provider must be included in the proposal. Any aspects of the solution that are subject to restrictions of use, such as patents and import/export restrictions, should also be identified. The response to the RFI should include practical experience or similar implementations that have been undertaken or planned with this proposed solution. Finally, the CBN requests a hard copy submission at their head office in Abuja and a soft copy via email.