The Central Bank of Nigeria (CBN) has directed all mobile money operators in the country to fully connect to National Central Switch on or before February 28, 2013 to ensure interoperability and interconnectivity of their schemes or face appropriate sanction.
This directive is in furtherance of the apex bank’s effort at ensuring effective and robust mobile payments system.
CBN in a circular signed by Dipo Fatokun, director, banking and payment system department, recalled that the decision was reached at the mobile payment forum held last month.
The circular to all mobile money operators on “Timeline for Interoperability and Interconnectivity”, reads, “In furtherance of the CBN’s effort at ensuring effective and robust mobile payments system, all MMOs are hereby directed to fully connect to the National Central Switch on or before February 28, 2013, to ensure Interoperability and Interconnectivity of their schemes”.
“For the avoidance of doubt, appropriate sanctions will be imposed on any mobile payment operator that fails to comply with this circular”, the CBN said.
The apex bank issued licences to 11 MMOs last year while telecom companies offered operational platform to commence payment system revolution and e-commerce in the country.
The objective is to promote savings as well as enable people carry out financial transactions, including sending and receiving monies from phone.
Source: BusinessDay
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