The Central Bank of Nigeria (CBN) is set to license four more mobile money operators to deepen the market and make it competitive, the Director, Banking and Payment System, Gaius Emokpe, has said.
Emokpae, who spoke at the Stakeholders' Forum on Mobile Payments System in Nigeria, said eight other operators on pilot run may also be licensed before the year runs out, if they scale the necessary hurdles.
He said mobile money would benefit the financial sector as it would be able to offer more products and services to Nigerians.
He said before any mobile payment operator is licensed, a series of procedures, from documentation, presentation, pilot run, data collection and assessment by foreign experts are carried out before an application for mobile payment license is granted.
He said the apex bank is leaving its doors open for more operators to enable larger percentage of the population have access to banking services.
Also, the Executive Vice Chairman, Nigerian Communications Commission (NCC), Dr. Eugene Juwah, represented by Lolia Emakpore, Director, Policy and Competition, said the proposed model of mobile payments in Nigeria is the bank-led model, and quoted a World Payment Report from RBS that forecast that by 2013, mobile payments will represent 15 per cent of all electronic transactions globally and overtake card based transactions within 10 years, if growth continues at the same rate.
He said the forum was necessary to determine the best platform and modality for mobile payments in Nigeria as the commission envisaged that there would be an upsurge in data traffic emerging.
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