Nigeria: New Mobile Money Licences Coming

Nov 10, 2014

The Central Bank of Nigeria (CBN) is making plans to licence more mobile money operators in Nigeria.

The Central Bank of Nigeria (CBN) is making plans to licence more mobile money operators in Nigeria.

The CBN has received proposals from about seven firms wanting to expand their operations to the mobile sub sector in the country and has indicated that those meeting the requirements will soon be licensed to operate.

"I can confirm to you that CBN will explore all needed avenues to drive financial inclusion and boosts the cash-less economy initiative. Already, several firms have submitted proposals to the apex bank to become mobile money operator. The CBN is looking at their proposals and I believe new licences will be issued soon", declared Deputy Director of the Payment System Department at CBN Jimoh Musa Itopa at a forum in Lagos last weekend.

Currently, 21 mobile money operators are already licensed to operate, sharing 9.139 million customers. About 40,875 agents have so far enrolled with different operators.

This is still a low penetration of the banking market, as shown by a Philip Consulting survey, which found that the large majority of respondents were not registered with a mobile money operator.

However, things have improved these past years: 40 per cent of respondents were registered as of August 2013, from only six per cent in 2010. The arrival of new operators should improve further this rate of adoption.ADNFCR-2976-ID-801759176-ADNFCR