The Central Bank of Nigeria has released new guidelines for operating Mobile Money Services in the country.
The guidelines, which specifically aim to address business rules governing the operation of mobile money services, outlines basic functionalities expected of any mobile payment service and solution in the country.
They also specify the participants and defined their expected roles and responsibilities in providing mobile money services in the system as well as set the basis for the regulation of services offered at different levels and by the participants.
The CBN said the objectives of the guidelines as include ensuring a structured and orderly development of mobile money services in the country.
To this end, it wants a clear definition of various participants and their expected roles and responsibilities.
The guidelines also set out the minimum technical and business requirements for the various participants recognised for the mobile money services industry and promotion of safety and effectiveness of mobile money services and thereby enhance user confidence in the services.
