The Central Bank of Nigeria CBN Regulatory Framework on Mobile Money Services in Nigeria is to ensure only license financial organization expected to carryout mobile money services in the country. But where the lead initiator such as Mobile Network Operators MNO shall not be allowed. The objectives of these framework are stated below;
- The objectives of the regulatory framework are as follows:
- Provision of an enabling environment for the adoption of mobile money services reducing cash dominance in the Nigerian economy.
- Ensure a structured and orderly development of mobile money services in Nigeria, with clear definition of various participants and their expected roles and responsibilities.
- Specification of the minimum technical and business requirements for the various participants recognized for the mobile money services industry in Nigeria.
- Provision of the basis for broad guidelines for the implementation of processes and flow of mobile money transactions, from initiation to completion.
- Promoting safety and effectiveness of mobile money services and thereby enhance user confidence in the services.