Home / NEWS / CBN may relax Policies for easy Wireless Cash Transfer!

CBN may relax Policies for easy Wireless Cash Transfer!

There are indications that Nigeria’s apex bank, Central Bank of Nigeria (CBN) is preparing to relax its Fintech license regime in a bid to allow for Mobile network operators (telcos) to handle cash transfer.

According to Bloomberg, the CBN would be rolling out a policy that uses a 
“non-bank led model” that would allow non-banking organizations including telcos and even supermarket chains apply acquire licenses that will allow them “create units that can collect deposits and maintain savings accounts.”

This poses a huge potential considering that the telecommunications industry is one with over 160 million subscriber base. This is in an effort by the apex bank to reach its target of 80% financial inclusion by the year 2020.

Noticing that its sole dependence on traditional banks might not be enough to achieve this objective, it has decided to open the field a little wider for more players, but of course with protection for the banking industry.

The policy won’t allow licensees to “lend, pay interest or accept foreign-currency deposits”. And without this incentives available for users, it provides a valid field of play for traditional banks.

The policy is also expected to require that at least one quarter of the total access point be located in rural/underserved areas – which are the main focus for inclusion.

Could This Spurn Innovation?

While the policy provides protection for the banks to an extent, it also opens up an avenue for competition. And this additional competition might stimulate innovation and interest in financial services, especially in areas shunned by banks, where people rely mainly on cash to transact.

CBN Seeks Middle Ground Between Telcos and Banks, Proposes -Payment Service Banks

And as these customers would be getting used to transferring money via their phones, banks will be forced to develop innovative banking services or risk loosing customers to the telcos.

Already Kenya’s M-pesa has shown the world that mobile money remains one of the most veritable tools for financial inclusion. Its nice seeing Nigeria catching on and Nigerian telcos seeming to be gearing up for the challenge as Airtel Nigeria and MTN are already pushing to get licenced as payment service banks (PSB).

About Dotun Roy

DotunRoy.com is a development driven news website with the overall goal of amplifying, promoting and advocating for positive societal change through Sustainable Development advocacy in line with UN SDGs components such as education, environmental sustainability and Climate Change, Human Rights, health, finance, housing, good governance as well as security in Nigeria and across the world.


  1. Cialis 20 Mg Foglietto Illustrativo Acquisto Cialis Pagamento In Contrassegno online cialis Keflex Dosage Frequently

  2. Of course, what a magnificent blog and illuminating posts, I will bookmark your website.All the Best!

  3. No Rx Robaxin viagra Ampicillin Vs Amoxicillin Propecia Esteroides

  4. Cialis Per Bankuberweisung cialis prices Amoxicillin Dose Chart For Strep

  5. Cialis Prix Lilly Cialis 5 Mg Precio Farmacia Espana Order Misoprostone Online Precio Levitra 20 Mg

  6. Taking Expired Amoxicillin Capsules Keflex Did Not Work Opinion Propecia levitra 20mg occasion Generic Flagyl In Kansas City Sunrise Viagra

  7. Pure Taladafil Companies In Us cialis canada Balding Propecia Approved

  8. Propecia Effects Receding Hairline Viagra Without Prescription In Canada Propecia Online India cialis cheapest online prices Savella

  9. 20mg Levitra propecia largo plazo Propecia Pas Cher France Cialis Compra Cephalexin Lupin

  10. Best Site To Buy Periactins Online Images De Comprimes Amoxil canadian pharmacy cialis Buy Generic Doxycycline No Prescription Discount Legally Provera Irregular Periods Order Us Store Vimedic

  11. Clobetasol Visa From Canada Next Day generic cialis canada Il Viagra Umano

  12. Cheapest Price For Cialis cialis 5 mg Keflex Prescribing Information

  13. Viagra Online Canadiain Mezieres viagra Stendra Avana Where To Purchase

  14. Prix Cialis Espagne online pharmacy Discount Cialis 20mg Amoxicillin Adverse Reactions Priligy Venta En Espana

  15. order accutane no prescription Comment Fonctionne Le Cialis Viagra Ricetta Ripetibile Medicinale Levitra

  16. Levaquin In Internet Viagra Brand On Line buy cialis online Viagra Problemi Dogana Viagra Pharmacie Marseille Viagra Funciona En Mujeres

  17. Priligy Levitra levitra paypal accepted Purchase Levitra Professional Viagra From Geremy Mezclar Viagra Y Alcohol

  18. Viagra Generico Consegna 24 Ore Viagra Online Dogana Viagra Vente QuСЂС–РІВ©bec canadian pharmacy cialis 20mg Amoxicillin And Leave And Body Isotretinoin 10mg overseas low price

  19. Tinidazole Without Perscription Cialis Super Active Comprar Barato cialis Viagra Generic Brand Viagra 100 Prix Zithromax Work For Uti

  20. Order Slimex Online Compresse Cialis viagra Standard Dose Of Keflex

  21. Stendra Online Penicillin Versus Amoxicillin Farmacia Cialis cialis online Cialis 36 Anni

  22. Price Of Cialis In Singapore online pharmacy Side Effects Of Kamagra Achat Amoxicillin Prescrire Nato Medicament

  23. Buy Levitra 20mg Online generic cialis Doxycycline Lyme Substitute Kamagra Sildenafil 100 Milligrams

  24. Propecia Viagra Combined Achat Cialis Et Viagra Viagra Bestellen Anoniem buy cialis online How To Get Epiduo Without Prescription Fast Shipping Sildenafil Citrate

  25. Quality content is the key to attract the visitors to pay a visit the website,
    that’s what this web page is providing.

  26. Great post. I will be dealing with a few of these issues as well..

  27. If you wish for to improve your knowledge simply keep visiting this web page and be updated with the most up-to-date gossip posted here.

  28. Having read this I thought it was very enlightening.
    I appreciate you spending some time and energy to put this information together.
    I once again find myself personally spending a significant amount of time both reading and leaving comments.
    But so what, it was still worth it!

  29. canadianpharmacy cheap health insurance plans for individuals

  30. It’s truly very difficult in this active life to listen news on Television, therefore I simply use web for that reason,
    and obtain the most recent information.

Leave a Reply

Your email address will not be published.

Social Media Auto Publish Powered By : XYZScripts.com