Culled from: The NATION Newspapers
The Central Bank of Nigeria, CBN, has placed a ban on telecommunication companies from advertising on behalf of any mobile money scheme operators.
The ban was communicated in a circular to all mobile scheme operators, signed by Mr. Gaus Emokpae, Ag. Director, Banking & Payments System Department, CBN.
The circular said, "It has come to the attention of the Management of Central Bank of Nigeria that Mobile Network Operators (Telecommunication Companies) have been carrying out public media advertisement on behalf of Mobile Payments Scheme Operators thereby sending wrong signals to the public as well as causing disaffection among the Scheme Operators.
"This is totally unacceptable. For the avoidance of doubt, no Telecommunications Company (Telcos) had been licensed by the Central Bank to operate any mobile money scheme in Nigeria."
The CBN, Emokpae said, is not unmindful of the critical roles of the operators, especially the responsibilities assigned to them in the Regulatory Framework for Mobile Payments Services as infrastructure providers, adding: "Such responsibilities should be based on criteria which are transparent and generally applicable to all Scheme Operators without discriminatory practices against any scheme operator.
"In order to build and sustain public confidence in the mobile payments scheme, it is hereby directed that henceforth, on no account should any Mobile Network Operator be allowed to advertise on behalf of any Scheme Operators or tie the operation of their system to any network.
"Customers should be able to operate the mobile payment system from any telecommunication network of their choice. Failure to adhere to this directive will attract appropriate sanctions and could lead to withdrawal of already granted license."
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