Mobile Money: CBN Requests N5 Billion Capital Investment From Telcos

Mobile Money: CBN Requests N5 Billion Capital Investment From Telcos

The Central Bank of Nigeria has asked telecommunications companies that intend to deepen financial inclusion in the country through mobile money services to make a minimum capital deposit of five billion naira.

It was gathered that the apex bank also granted the telcos a provisional approval to apply for a Payment Service Bank licence through a subsidiary company.

As contained in the draft guidelines issued by the Central Bank of Nigeria, an evidence of the payment of five billion naira must be provided when applying for an Approval in Principle.

The telecoms companies that have indicated interest in driving the financial inclusion plans of the Nigerian Government are MTN, Airtel, 9mobile, Ntel , and Globacom.

Commenting on the guidelines, the Chairman, Association of Telecommunications Companies of Nigeria, Mr Gbenga Adebayo, said the Payment Service Bank licence would allow the telcos to facilitate the payment but restrict them from giving loans.

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