MICROCAPITAL BRIEF: 15 Mobile Money Firms Acquire Licenses from Central Bank of Nigeria

The governor of the Central Bank of Nigeria, Godwin Emefiele, reportedly has announced that, “We have so far provided 15 licenses to several mobile money operators who are working to increase access to finance using digital channels.” This is part of an effort to open 500,000 agent locations by the end of 2020, with a particular focus on the northern part of the country. These locations offer the ability to send and receive money to and from individuals, businesses and government agencies. Agents can also allow users to acquire their bank verification numbers, which assist in the security of financial transactions through the use of fingerprints and photos.

Sources and Additional Resources

Today.ng article
https://www.today.ng/business/finance/central-bank-issues-licences-15-mobile-money-operators-269567

GTBank on bank verification numbers
https://www.gtbank.com/bvn

Central Bank of Nigeria: Regulatory Framework for Mobile Money Services in Nigeria
https://www.cbn.gov.ng/out/2015/bpsd/regulatory%20framework%20for%20mobile%20money%20services%20in%20nigeria.pdf

Central Bank of Nigeria: Guidelines on Mobile Money Services in Nigeria
https://www.cbn.gov.ng/out/2015/bpsd/guidelines%20on%20mobile%20money%20services%20in%20nigeria.pdf

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