NCC, CBN set up committee on fintech regulations   

21 September 2018 :The Central Bank of Nigeria (CBN) may soon change mobile money regulations, allowing mobile network operators (MNOs) to increase their presence in the provision of financial solutions. According to the Executive Vice Chairman of the NCC, Umar Danbatta, the commission has set up a joint committee with the apex bank to assess the potential of issuing mobile money licenses to telecommunications companies. Analysts note that under the current regulatory structure, mobile money services in Nigeria are bank-led and MNOs interested in providing these services would have to partner with banks. 

This operating model has been cited as a major reason for the dismal penetration of mobile money in Nigeria, estimated at 1% and paling in comparison to higher levels in other African countries – particularly East Africa. Analysts believe introducing new regulations that allow for MNO-led partnerships in mobile money services could be a positive step in deepening financial inclusion in Nigeria given the much wider reach that telcos possess. 

Reporting for EasyKobo on Friday , 21 September 2018 in Lagos, Nigeria

Source: Vetiva Capital Management Limited

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