In an effort to reflect the current operational realities of Mobile Money Operators (MMOs) in Nigeria, the Central Bank of Nigeria (CBN), on 09 July 2021, issued an updated Regulatory Framework for Mobile Money Services in Nigeria (New Regulatory Framework) and Guidelines for Mobile Money Services in Nigeria (New Guidelines).
The New Regulatory Framework and New Guidelines serve to reiterate the CBN’s stance on most of the provisions in the Old Regulatory Framework whilst introducing much needed changes to effectively cover all aspects of mobile money services in Nigeria. Importantly, pursuant to the New Guidelines, MMOs are now permitted to operate savings wallet.
This Newsletter serves to concisely highlight the changes that have been made by the CBN in the New Regulatory Framework and New Guidelines.
