Telcos disagree with CBN, push to lead mobile money - Punch Newspapers

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Stakeholders in the telecommunication sector have said mobile money services should be driven by telecoms companies, a position that runs contrary to that of the Central Bank of Nigeria.

They are the bank-led, where a bank and/or its consortium will serve as the lead initiator; and the non-bank-led, where a corporate organisation duly licensed by the CBN will serve as the lead initiator. He said, “We think penetration will be slow. We are convinced that we are the industry with the ready infrastructure all over the country. If you talk about mobile penetration, use of mobile phones for financial service, the last mile is actually by the operators.

“For the sake of speedy coverage and easy access, we are of the view that if operators are allowed to play well in that space, it will improve penetration and inclusion for more people.”According to the CBN, telcos will provide the infrastructure needed to drive the exchange of messages for mobile payments. Even though the CBN allows for a non-bank-led model, telcos are not to be considered.

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