CBN, NCC, Mobile Payments Experts Speak at Ennovators Breakfast Forum
With the bank customers groaning under the burden of heavy cost of transaction (COT) and other bank charges, while a large percentage of Nigerians lack access to bank accounts, the only available option, which would provide financial inclusion for millions of Nigerians in rural and city centres is the mobile payment, editor in chief of financialtechnology magazine, Mr. Sola Fanawopo has said, even as the CBN, NCC and other mobile payment experts speak at the forthcoming eNNovators Breakfast series being hosted in Lagos on March 29 by the magazine at the prestigious Oriental Hotel. According to him nearly 99% of households in Nigeria own one or more mobile phones, as such there are twice as many mobile phones as television sets in the country, he said, adding that the mobile phone as a banking tool is therefore the most cost-effective and accessible platform to reach the un-banked in Nigeria.
The banks and telcos have realised the need to embrace the mobile platform. He said the major challenge being faced by the financial institutions is the issue of identification, which has led to the registration of SIM by the telcos to identity all the users of their networks, and Know Your Customer (KYC) requirements by the banks.
However, the SIM registration is intended to assist the law enforcement agents in identifying users of a particular phone line, which could become the most important KYC resource in developing economy with poor identity system like Nigeria. What effect will the ongoing SIM registration have on mobile money in the country? How similar are the requirements with existing KYC rules?
Mobile payment thought leaders that would provide answers to these and other questions at the eNNovators Breakfast series with the theme “Harmonising SIM Registration & M-payment KYC for Secure M-Payment Service in Nigeria” include the Director of Banking & Payments System Department, Central bank of Nigeria (CBN), Mr. Abayomi Atoloye, and Dr. Eugene Juwah, Executive Vice Chairman, Nigeria Communications Commission (NCC).
Others slated to speak on different topics at the event are the Director General/CEO, National Identity Management Commission (NIMC), Chris Onyemenam: “How to Build a Secure SIM Database for M-Payment KYC & Financial Identity”; MD/CEO, Chams, Demola Aladekomo: “SIM Card Registration, National Resource for Identity Management”, and Managing Director, ExpertEdge Systems (CWG’s Software division), James Agada: Using SIM Registration as a Tool for Secure M-Payment Services.
The remaining speakers include CEO of CR Services (Credit Bureau), Taiwo Ayedun: Unique Identifier in Financial Services; Nigeria MD, Ingenico, Gansirey Seck: M-Payment Identity Verification in the Absence of Credible National Identity; CEO, Qrios Networks, Mosh Adetoro: Harmonising SIM Registration & M-Payment KYC, the USSD Challenge and Principal consultant Mobile Money Africa, Emmanuel Okoegwale: Identity Management for Effective Mobile Financial Service in Nigeria.
Fanawopo informed that participants at the event, which is a quarterly knowledge sharing platform for Dreamers-Drivers-Doers (3D) of technology business in financial services industry across Africa to networking and acquire strategic knowledge; as such, participants would have the opportunity to learn the effect of mandatory SIM registration on mobile payment services in Nigeria, merits and demerits of different requirements for SIM registration/mobile payment KYC rules, similarities and differences between SIM registration requirement and mobile payment KYC rules, how NCC/CBN can harmonise SIM registration and mobile payment KYC requirements as well as how SIM registration can be used for financial identity services.
How can a I become a mobile payment agent, or mobile money aget. Thanks.