0
Wireless

Nigeria mobile money firms under threat from new reserve requirements

Thursday 1 February 2018 | 14:30 CET | News
The Central Bank of Nigeria (CBN) may revoke the licences of at least fifteen struggling mobile money operators under new minimum finance rules, reports New Telegraph. CBN rules, effective from the end of December 2017, stated operators must have NGN 1 billion in reserves. This sum is set to rise to NGN 2 billion on 1 July, a level the newspaper said many providers would fail to reach. Isaac Okorafor, CBN corporate communications director said he did not expect any "serious operator" to lose its licence when the July requirement takes effect.

Thank you for visiting Telecompaper

Sign up below to get access to the rest of this article and all the telecom news you need.

  • Register free and gain access to even more articles from Telecompaper. Register here
  • Subscribe and get unlimited access to Telecompaper’s full coverage, with a customised choice of news, commentary, research and alerts.

Subscriptions

Already registered?



Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Categories: Mobile & Wireless
Countries: Nigeria
::: add a comment

Add comment

We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the Telecompaper website, they in no way represent the opinion of Telecompaper.


Related

Central Bank of Nigeria brings in cap, extra security for USSD transactions

Published 07 May 2018 07:27 CET | Nigeria
Nigerian bank transactions via Unstructured Supplementary Service Data (USSD) will be limited to NGN 100,000 per person daily ...

NCC and Central Bank of Nigeria sign agreement on digital payment systems

Published 11 Apr 2018 09:51 CET | Nigeria
The Nigerian Communication Commission (NCC) and Central Bank of Nigeria (CBN) have signed a Memorandum of Understanding (MoU) for ...

Nigerian Central Bank grants Freedom Network super-agent licence for financial services

Published 05 Mar 2018 10:18 CET | Nigeria
The Central Bank of Nigeria (CBN) has granted an approval in principle (AIP) to 3Line Card to operate as a super-agent in ...

Nigerian internet users rise to 98.3 mln in December

Published 09 Feb 2018 09:28 CET | Nigeria
Nigerian Communications Commission (NCC) says internet users increased marginally to 98.3 million in December 2017 from 94.8 ...

Nigerian mobile money operators transact NGN 555 bln in 6 months

Published 04 Dec 2017 07:56 CET | Nigeria
Nigerian mobile money operators (MMOs) recorded NGN 555.83 billion inter-scheme transactions in the first six months, New ...