DMBs No Longer Require Prior Approval From CBN To Offer Mobile Money Wallet Services

Proshare - Facebook Proshare - Twitter Proshare - Linked In Proshare - WhatsApp

Friday, July 05, 2019   /12:10PM / By CBN / Header Image Credit: The Guardian Nigeria


The Central Bank of Nigeria (CBN) remains committed to deepening financial inclusion in line with its objective to achieve the national financial inclusion target of 80% by 2020. 

To complement recent growth in agent banking services under the Super Agent and SANEF initiative and in recognition of the increasing demand for no-frills mobile money services, the CBN hereby directs that Deposit Money Banks (DMBs) shall henceforth not require prior approval to offer mobile money wallet services. 

DMBs are however expected to notify the CBN before the commencement of these services and are required to operate within the extant regulations on mobile money operations.

Proshare Nigeria Pvt. Ltd.


Related News

1.       CBN’s New Minimum LDR Requirement May Worsen NPLs

2.      CBN Mandates DMBs To Maintain Loan To Deposit Ratio Of 60% Effective Sept 30, 2019

3.      CBN Directs MFBs To Implement Resolutions On The Revised National Financial Inclusion Strategy

4.      SEC Nigeria Calls On Defunct Skye Bank Investors to Claim Dividends

5.      Competition and Consumer Protection Law - Legal Alert

6.      SEC Reiterates Its Mandatory For CMOs To Have Managing Directors And Compliance Officers

7.      SEC Proposes New Rule On Share Transmission And Sundry Amendment To Rule on Annual Report

8.     Why It Makes Business Sense To Move On From LIBOR - Andrew Hauser

9.      Federal Reserve Board Releases Results Of Supervisory Bank Stress Tests

10.  Overcoming Macroprudential Inertia: An Ambush, And The Votes That Never Were - Speech

11.   IOSCO Examines Liquidity In Corporate Bond Markets Under Stressed Conditions

12.  IOSCO Urges Authorities To Use Existing Standards To Address Cyber Risk

Proshare Nigeria Pvt. Ltd.

Related News