By Yemisi Izuora-Katsina
The central bank of Nigeria (CBN) has stressed the need to ensure safety and effectiveness of mobile payments services in Nigeria. The apex bank said it is not unmindful of the protection of users of financial services including mobile payments,
and that customers funds in the custody of mobile money operators (MMOs) are under intense monitoring of the CBN.
All stored value accounts with MMOs are tied to a settlement accounts in a deposit taking institutions, the bank said.
Giving an overview of Mobile Payments Services Framework in Nigeria at the opening of the Nigeria Deposit Insurance Corporation (NDIC) conference for finance correspondents association of Nigeria (FICAN) in Katsina today, MUSA Itopa Jimoh, Head, Payments System Policy and Oversight Division, Banking and Payments System Department of CBN also noted that the NDIC is in the process of designing a robust framework for pass-through insurance .
Jimoh stated that “The CBN is keen on promoting the safety and effectiveness of mobile payments services in Nigeria, to this end, the roles and responsibilities of all stakeholders have been clearly articulated in the mobile payments framework and guidelines.
According to him, the CBN is serious in ensuring that deposit in the mobile payments system Is safe and transactions are securely executed
He recalled that the CBN in2009 outlined regulatory framework to provide the enabling environment for the operations of mobile money organizations to provide payments services through mobile telephony.
In 2011, the first set of commercial licence was given to 11 mobile money operators and In2012′ the mobile money operators began commercial activities.
“As of oct 2014, 21 mobile money operators have been issue the commercial licenses” he disclosed.
Jimoh also said that the CBN excluded TELCOs from leading any of the mobile money scheme models for various reasons as the TELCOs are not regulated by CBN but NCC.