Central Bank of Nigeria approves eight new mobile payment operators

Aug 11, 2011

Eight new mobile phone operators will enter the Nigerian market after receiving an approval from the Central Bank of Nigeria (CBN) last week.

Eight new mobile phone operators will enter the Nigerian market after receiving an approval from the Central Bank of Nigeria (CBN) last week.

Abayomi Atoloye, the former Payment and Banking System Director at the CBN, told Guardian newspaper that the institution wishes to make this new mobile payment system accessible to a large proportion of the population in order to help unbanked people getting access to banking services.

The country now counts 24 authorised operators, according to PANA news agency, and these will share a market with high potential.

Prateek Shrivastava, Managing Director of Monetise Africa, a pilot scheme aiming to bring mobile banking and payments services to Nigeria, believes that the stakes are high.

He said in a interview with Cellular News that "there are 90 million adults in Nigeria but only about 20 million have access to financial services - but there are more than 100 million mobile phone subscribers."

He added that the mobile phone is "a vitally important channel" for giving the population access to secure financial services.ADNFCR-2976-ID-800696162-ADNFCR