The regulator of the financial sector in Nigeria, the Central Bank of Nigeria (CBN) has approved nationwide mobile money remittance services as part of international money transfer services.
According to the CBN, the approval followed series of representations by financial stakeholders on the need to facilitate foreign exchange transactions through a more convenient and flexible payment window. The apex bank noted that the International Mobile Money Remittance Services would complement existing guidelines on the use of mobile telephone locally.
The guidelines cover the business rules governing the operation of the IMMRS and specify the infrastructural and risk management requirements for international mobile payments services in Nigeria.
It also identifies participants and defines their roles and responsibilities in the mobile telephone money transfers.
The policy sets the basis for the regulation of services offered by the participants.
