TEASY INTERNATIONAL GETS CBN LICENSE TO OPERATE MOBILE PAYMENTS

 

In a move to drive forward Nigeria’s Cashless Economy, the Central Bank of Nigeria announced yesterday that it had issued an operating license to Teasy International Company Ltd., operators of the Teasy Mobile suite of mobile money services, to provide mobile payment services in Nigeria.

After a rigorous pilot and audits by CBN to ascertain platform security and operational competence, Teasy Mobile is now fully licensed to operate in accordance with the country’s Mobile Payments Regulatory Framework. This framework ensures consumer protection and transparency, accountability of business practices by mobile payment scheme operators. Additionally, Teasy’s operating equipment is type approved by the Nigerian Communications Commission to integrate into the national telecommunications network.

Musa Ali Baba, Managing Director, Teasy International stated that the license represented an opportunity use technology to simplify people’s everyday lives by increasing, the simplicity, affordability and convenience of how money is stored, accessed and utilised. “We are excited to start launching our mobile payment products in the market and get more Nigerians financially included”. This achievement was the result of a year’s labour and close collaboration between the Central Bank of Nigeria, our strategic and technology partners, our agents, consultants, banking partners, the Board and the entire team of committed professionals at Teasy to bring this to life.

Nigeria offers huge potential for mobile payment solutions; of a burgeoning population of 160 million, approximately 100 million people own a mobile phone while only 23 million have bank accounts. Stanley Vandu, ED, Operations and I.T, noted that in time, the mobile phone will become a dominant devise for making financial transactions. ‘Individuals, families and friends are all already familiar with the mobile phone and its usefulness in everyday life, Mobile payment solutions simply give the consumer the technology and ability to get more functionality out of a devise they already love.

The issuing of the operating license is an important step forward in achieving the dual goals of cashlessness and financial inclusion in Nigeria; and in providing transparent ways to conduct financial transactions.

 

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