CBN okays telecom operators for payment system in new MoU

by | Apr 11, 2018

The Central Bank of Nigeria has reconsidered telecommunications operators (telcos) in its financial inclusion drive, courtesy of a Memorandum of Understanding agreement signed by the apex bank and Nigerian Communications Commission (NCC).

The MoU, according to Tech Economy, was signed at the CBN headquarters and is designed to allow telcos play in the payment system in the drive towards financial inclusion.

“I can assure that this signing provides a framework for licensing of payment service providers,” said the apex bank boss, Godwin Emiefele.

But we are not certain of the type of model that the MoU would grant telcos yet, being that the initial regulatory framework of mobile money in Nigeria only has three models which are bank-focused, bank-led and non-bank led.


NCC believes the agreement will ensure that more people are on board with the digital economy.

Both parties to the agreement reassured each other of continued partnership and collaboration towards actualising their mutual mandates while also enhancing human lives.

Let’s not forget that the two government regulators had in 2017 entered into an agreement to allow telcos own mobile money license through Special Purpose Vehicles (SPVs).

But apparently, the agreement for the SVP model wasn’t implemented as the regulator of the banking sector revoked a mobile money license granted MTN Nigeria’s SVP just a few days after granting the said license.

Yinka Awosanya
Yinka Awosanya

Mobile & African Tech Enthusiast │ Data Analyst │ Music


On January 22, 2022, be part of the largest gathering of innovators, startup founders, thinkers, programmers, policymakers, and investors in West Africa. Register free.

Notify of
Inline Feedbacks
View all comments

Recent News

Subscribe to Techpoint Digest!

A daily 5-minute roundup of happenings in African and global tech, sent directly to your email inbox, between 5 a.m. and 7 a.m (WAT) every week day!

Please check your email to confirm your subscription.

Subscribe to Crypto Explorer

A monthly series featuring in-depth analysis on the cryptocurrency sector in Africa

Please check your email to confirm your subscription.

Subscribe to The Experts

A bi-weekly where tech career specialists take us on their journey from newbie to expert, and how they became successful in the industry.

Please check your email to confirm your subscription.

Subscribe to Founder's Table

A monthly series, where we catch up with founders in the startup ecosystem, learn about their failures, successes and a few tricks of the trade

Please check your email to confirm your subscription.

Copy link
Powered by Social Snap