CBN Issues Guidelines on International Mobile Money Remittance Service in Nigeria

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Friday 20 November, 2015, 05:12PM /CBN

Following the widespread use of mobile telephone as a means of communication in Nigeria, and in recognition of its potential as a tool for financial inclusion and efficient payments system, the central Bank of Nigeria (CBN), pursuant to its powers under Section 47(2) of the CBN Act, 2007, issued the “Guidelines on Mobile Money Services in Nigeria in 2009.

The above guidelines, however, restricts users and operators of mobile payments services to local currency transactions within Nigeria. Also, the extant CBN “Guidelines on International Money Transfer Services in Nigeria issued in June 2014 did not cover money remittances via mobile applications.

Consequent upon representations by some stakeholders on the need to facilitate foreign exchange transactions via a more convenient and flexible payment channel, the CBN has approved the inclusion of mobile money as part of international money transfer services in Nigeria. It is in this regards that the bank hereby issues the “Guidelines on International Mobile Money Remittance Services (IMMRS) in Nigeria” to complement the existing guidelines.

These guidelines cover the business rules governing the operation of the IMMRS and specify the infrastructural and risk management requirements for international mobile payments services in Nigeria. It also identifies the participants, and defines their expected roles and responsibilities in the system. In addition, it sets the basis for the regulation of services offered by the participants.

Click Here to Download Guidelines

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