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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. ....
Olumuyiwa Olowogboyega Share this article 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. ....
Chief Risk Officer, Nigeria Inter-Bank Settlement System, (NIBSS), Temidayo Adekanye, (left); Executive Director, Business Development, NIBSS, Christabel Onyejekwe; Managing Director/Chief Executive Officer, NIBSS, Premier Oiwoh and Deputy Managing Director, NIBSS, Niyi Ajao, at the official launch of the Nigeria Quick Response (NQR) payment solution powered by NIBSS in Lagos. Nigeria Inter-Bank Settlement System Plc (NIBSS) has launched an innovative payment platform, New Quick Response (NQR) code, to promote digital transaction and enhance consumer payment experience while driving growth for business owners. According to the financial provider, the payment platform, implemented on behalf of all financial service providers, will unify the available closed QR Code schemes in the country for consistent user experience and accelerated digital adoption. ....