Central Bank of Nigeria sets NGN 2 bln capital base for mobile money operators

Wednesday 6 January 2021 | 13:53 CET | News
The Central Bank of Nigeria (CBN) has directed mobile money operators (MMOs) to maintain a minimum capital base of NGN 2 billion, The Nation reported. In a circular signed by the director of its payments system management department, Musa Jimoh, the CBN directed MNOs to hold customers' funds under its new licensing framework. The circular said the new framework offers clarity for new and existing market participants.

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Categories: Mobile & Wireless
Countries: Nigeria
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