The Central Bank of Nigeria (CBN) has approved international
mobile money as part of international money transfer services nationwide.
mobile money as part of international money transfer services nationwide.
The CBN explained that the approval followed series of
representations by financial stakeholders on the need to facilitate foreign
exchange transactions through a more convenient and flexible payment window.
representations by financial stakeholders on the need to facilitate foreign
exchange transactions through a more convenient and flexible payment window.
It also said that its approval followed widespread use of
mobile telephone in Nigeria and in recognition of telephone potential as a tool
for financial inclusion and efficient payment system.
mobile telephone in Nigeria and in recognition of telephone potential as a tool
for financial inclusion and efficient payment system.
According to the CBN the International Mobile Money
Remittance Services would complement existing guidelines on the use of mobile
telephone locally.
Remittance Services would complement existing guidelines on the use of mobile
telephone locally.
The guidelines cover the business rules governing the
operation of the IMMRS and specify the infrastructural and risk management
requirements for international mobile payments services in Nigeria.
operation of the IMMRS and specify the infrastructural and risk management
requirements for international mobile payments services in Nigeria.
Follow Us on Facebook – @LadunLiadi; Instagram – @LadunLiadi; Twitter – @LadunLiadi; Youtube – @LadunLiadiTV for updates
