CBN Launches Two Models Of Mobile Money Services

THE Central Bank of Nigeria, CBN, has approved two models for the implementation of mobile money services in the country.
These models are; Bank led, which is a bank and/or its consortium as lead initiator and non-bank led, which is a corporate body duly licensed by the CBN as lead initiator.
The bank-led model allows a bank either alone or a consortium of banks, whether or not partnering with other approved organizations, seek to deliver banking services, leveraging on the mobile payments system.
The non-bank led model allows a corporate organization that has been duly licensed by the apex bank to deliver mobile money services to customers.
In the Regulatory Framework and Guidelines on Mobile Money Services in Nigeria issued on Wednesday, April 1, by the apex bank, it explained that the introduction of mobile telephony in the country, and the identification of person to person payments as a practical strategy for financial inclusion, has made it imperative to adopt the mobile channel as a means of driving financial inclusion of the unbanked.
Under this arrangement, the participants are grouped into six categories: regulators (CBN), Nigerian Communications Commission (NCC), mobile money operators, infrastructure providers, other service providers, consumers and mobile money agents.
The CBN further stated that the Mobile Money Operators (MMOs) shall put in place detailed processes that cover the entire solution delivery, from user registration and management, agent recruitment and management, consumer protection, dispute resolution procedures, risk management processes, to transaction settlement.