Nigeria:CBN approves International MobileMoney transfer


Nigeria has further leveraged her foray into global financial inclusion policy with the Central Bank of Nigeria (CBN) approving mobile money as part of international money transfer services nationwide.

The CBN explained that the approval followed series of representations by financial stakeholders on the need to facilitate foreign exchange transactions through a more convenient and flexible payment window.

The government bank also said its approval followed widespread use of mobile telephone in Nigeria and in recognition of telephone potential as a tool for financial inclusion and efficient payment system.

According to the CBN the International Mobile Money Remittance Services would complement existing guidelines on the use of mobile telephone locally.

The guidelines cover the business rules governing the operation of the IMMRS and specify the infrastructural and risk management requirements for international mobile payments services in Nigeria.

It also identifies participants and defines their roles and responsibilities in the mobile telephone money transfers.

The policy sets the basis for the regulation of services offered by the participants.

PREMIUM TIMES recalls that the CBN had pursuant to Section 47(2) of the CBN Act, 2007, issued the guidelines on Mobile Money Services in Nigeria in 2009.

The 2009 guidelines only moderated users and operators of mobile payments services in local currency transactions in Nigeria.

The CBN 2014 guidelines on International Money Transfer Services in Nigeria did not cover money remittances via mobile applications.