The Central Bank of Nigeria(CBN)  issued a regulatory framework for Mobile Money Services in Nigeria in July 2021. The framework contains provision on scope, Participants in the Mobile Money System, The Nigerian Mobile Money System.
Mobile Money Scenarios, Mobile Money Processes, Infrastructure, Settlement,  Scheme Dispute Resolution, Risk Management, Technology ,User Interface, Know Your Customer (KYC) and Customer Due Diligence (CDD) Requirements, Anti-Money Laundering Regulation and Consumer Protection and Dispute Resolution. “The Framework defines the regulatory environment as a policy path towards achieving availability, acceptance and usage of mobile payment services.”

On the issue of how funds on mobile money wallet are managed, Section 10.1.2 of the guidelines stated:” Funds on saving wallets shall be invested in only the Nigerian Treasury Bills (NTB); MMOs shall be treated as mandate customers of CBN for NTB subscription  through the CBN NTB window, and MMOs shall have a process to determine appropriate cash balance on its Savings Wallet Principal Pool Account that will meet its savings wallets customers’ withdrawal requirements at every point in time.”

In term of 7.2.1 Permissible Activities, section 7.2.1 states” Mobile Money Operators shall carry out the following activities:

  1. Wallet creation and management;
  2. E-money issuing;
  3. Agent recruitment and management;
  4. Pool account management;
  5. Non-bank acquiring as stipulated in the regulatory requirements for non-bank merchant acquiring in Nigeria;
  6. Card Acquiring; and

And any other activities that may be permitted by the CBN”.

On the other hand,  section 7.2.2  lists the following as Non-Permissible Activities

“Mobile Money Operators shall not carry out the following activities:
Grant any form of loans, advances and guarantees (directly or indirectly);

Accept foreign currency deposits;Deal in the foreign exchange market except as prescribed in Section 4.1 (ii & iii) of the extant Guidelines for Licensing and Regulation of Payment Service Banks in Nigeria;
Insurance underwriting;
Accept any closed scheme electronic value (e.g. airtime) as a form of deposit or payment;
Establish any subsidiary;
Undertake any other transaction which is not prescribed by these Guidelines; and And any other activities that may be prohibited by the CBN”.

Read the full guidelines at

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