CBN licenses 7 banks as MMOs

Central Bank of Nigeria (CBN) says it has licensed seven banks as Mobile Money Operators (MMOs), as part of efforts to deepen the financial inclusion in Nigeria for which over 70 per cent of the population is said to be excluded.

Speaking at the Finance Correspondents Association and Business Editors seminar in Katsina, yesterday,  Head, Payments System Policy and Oversight Division, Banking and Payments System Department of CBN, Mr. Musa Ilopa Jimoh, said that though over 15 million Nigerians have subscribed to operate MMOs, telecommunications companies (telcos) have been excluded from being subscribers.This, he said, is because the telcos are not regulated by the CBN but Nigerian Communications Commission (NCC).

He added that, if they are licensed as MMOs, they could become dominant and prioritise transactions from other networks.