The Central Bank of Nigeria has reconsidered telecommunications operators (telcos) in its financial inclusion drive, courtesy of a Memorandum of Understanding agreement signed by the apex bank and Nigerian Communications Commission (NCC).
The MoU, according to Tech Economy, was signed at the CBN headquarters and is designed to allow telcos play in the payment system in the drive towards financial inclusion.
“I can assure that this signing provides a framework for licensing of payment service providers,” said the apex bank boss, Godwin Emiefele.
But we are not certain of the type of model that the MoU would grant telcos yet, being that the initial regulatory framework of mobile money in Nigeria only has three models which are bank-focused, bank-led and non-bank led.
NCC believes the agreement will ensure that more people are on board with the digital economy.
Both parties to the agreement reassured each other of continued partnership and collaboration towards actualising their mutual mandates while also enhancing human lives.
Let’s not forget that the two government regulators had in 2017 entered into an agreement to allow telcos own mobile money license through Special Purpose Vehicles (SPVs).
But apparently, the agreement for the SVP model wasn’t implemented as the regulator of the banking sector revoked a mobile money license granted MTN Nigeria’s SVP just a few days after granting the said license.
Nigerian startups raised a total funding of $9.2 million in Q1 2018. Download our report to find out more.