Lagos, Nigeria: Financialtechnology has learnt exclusively that Central Bank of Nigeria will  soon issue new M- ayment licenses. It could be recalled that the CBN had hitherto issued a  mobile banking operating license to MoneyBoxAfrica in 2009 to deploy a branchless banking services across the country. The operating license is the first of its kind to be issued to a non-banking financial institution in Nigeria.

However, MoneyBoxAfrica has not been able to activate the license after one year.  MoneyBoxAfrica is a mobile saving and payment platform that enables the under-banked,  un-banked and the banked population perform basic banking transactions such as saving; money  transfer; and remittances in a convenient, reliable and secure manner in line with the CBN’s Payment System and Vision 20-20-20

According to a source, the CBN will issue the new mobile payment licenses in line with its  vision for an all inclusive financial system for all Nigerians irrespective of economic  status, age or social status. The source also informed that the apex body may not grant all  the application involving the leading Mobile Network Operators such as MTN, Glo and Zain.  This may not be unconnected to the widespread sentiments that the MNO would dominate the industry.

It would be recalled that Zain Nigeria and MTN Nigeria have applied to the CBN for  M-Payment licenses through their partner banks, as they seek to expand the frontiers of  telecoms to mobile banking which regarded as the next big thing with huge revenue potential for mobile operators.

 

 

 

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