2015-03-31 | BPS/DIR/GEN/CIR/02/008

Guidelines on Mobile Money Services in Nigeria

The Central Bank of Nigeria (CBN) has issued guidelines for mobile money services in the country, aiming to promote financial inclusion and enhance the adoption of mobile channels for financial transactions. The guidelines outline the roles and responsibilities of participants, including banks, licensed corporate organizations, infrastructure providers, and mobile network operators. The CBN will license and regulate Mobile Money Operators (MMOs), who must adhere to security standards, maintain separate settlement accounts, and provide detailed monthly reports. The guidelines also cover consumer protection measures, dispute resolution mechanisms, and sanctions for non-compliance.

Nigeria

Central Bank of Nigeria

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