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The central Bank of Nigeria has fixed N2 billion as minimum capital base for Mobile Money Operators (MMOs) in the country.
This was disclosed in a circular signed by the bankers’ bank director, Payments System Management Department, Musa Jimoh.
The Mobile Money Operators (MMOs) have been authorised by the apex bank to hold customers’ funds under its new licencing framework.
According to the circular, the new framework offers clarity for new and existing market participants.
Jimoh explained that under the new licensing regime, e-money issuing, wallet creation, pool account management and other activities are permissible under super agents.
The CBN director said the new policy aligns with CBN’s commitment to promote a strong and credible payment system.
He said: “Given the significant evolution and innovation in the Nigerian payment system, all payment service providers and stakeholders are invited to note that payments system licensing has been streamlined according to permissible activities in four broad categories.
“The categories are Switching and Processing, Mobile Money Operations (MNOs), Payment Service Solutions (PSSs) and Regulatory Sandbox.”
Jimoh stated that only MMOs were permitted to hold customer funds, adding that companies with licenses within any of the other categories were not permitted to hold customer funds.
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