Central Bank authorises mobile transfers on networks?

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ITNewsAfrica carries the news that “the Central Bank of Nigeria has ordered telecommunications companies in the country to begin offering mobile money transfer services“.


While the CBN is in a position to auuthorise money transfer services, we are not quite sure that the CBN is in a position to “order” operators to do it, as the operators are not banks or financial institutions under the supervision of the apex bank.

However, if the road is now indeed clear for telecoms operators to offer money transfer on their networks, we are glad that the CBN has finally woken up from a deep slumber. If we want mobile money to succeed in Nigeria, the operators are key.


We will bring you more details as this unfolds.


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5 comments

  1. With this, the need to carry cash about diminishes even further. All you need is your atm card and your (NFC-enabled?) cellphone phone, and you are good to roll!

  2. Why will the telecom companies allow mobile money transfer operators to use their network? What the CBN should have done was to give the license to the telecom companies themselves like other Africa countries are doing Kenya( Safricom’s m-pesa),South Africa and Ghana. Some of this telecom companies already have their own mobile service (MTN Mobile service), so why will they let a third party use their network in a potentially money making market like mobile service. This is what I do not understand about the whole CBN license thing.


  3. Why will the telecom companies allow mobile money transfer operators to use their network? What the CBN should have done was to give the license to the telecom companies themselves like other Africa countries are doing Kenya( Safricom’s m-pesa),South Africa and Ghana. Some of this telecom companies already have their own mobile service (MTN Mobile service), so why will they let a third party use their network in a potentially money making market like mobile service. This is what I do not understand about the whole CBN license thing.

    you made all the sense above! let Sanusi come explain?

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