Telcos disagree with CBN, push to lead mobile money The Punch
Published 22 July 2021
Stakeholders in the telecommunication sector have said mobile money services should be driven by telecoms companies, a position that runs contrary to that of the Central Bank of Nigeria.
In its recently released ‘Regulatory Framework for Mobile Money Services in Nigeria’, the CBN said there shall be only two models for the implementation of mobile money services in Nigeria.
They are the bank-led, where a bank and/or its consortium will serve as the lead initiator; and the non-bank-led, where a corporate organisation duly licensed by the CBN will serve as the lead initiator.
Obinna Chima writes on the benefits of the recently introduced Nigeria Quick Response Code in the country, which is expected to improve settlement, promote financial inclusion, help bring cash-related activities into the ecosystem for a better economy and reduce the cost of processing cash
There is no doubt that over the years, Nigeria has made noticeable progress in its desire to create a robust payment system through several reforms targeted at restoring confidence in the system.
Indeed, a sound payment system infrastructure, where operators and customers can transact business with confidence and convenience, trust and timeliness, underpins many of these reforms.
Olumuyiwa Olowogboyega
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In October 2019, MTN Nigeria announced that it would begin charging a â¦4 fee every time customers use Unstructured Supplementary Service Data (USSD) to make bank transactions.
It was another chapter in a long drawn out squabble between banks and telcos over who should pay for USSD. Initially the plan was for banks to pay those charges which telcos say are around â¦12 for one session and then remit it in bulk to the telcos. The banks balked at that plan and asked telcos to charge customers directly.
Eventually, Nigeriaâs Communication Commission stepped in with a price determination template. This is important for a few reasons; USSD is a service that costs money and someone has to pay for it. The NCC determined that a typical USSD session lasts 20 seconds and set a price cap of â¦4.98 for each session.
CBN asks banks to create scan-to-pay option today.ng - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from today.ng Daily Mail and Mail on Sunday newspapers.