CBN Approve Minimum Capital For Mobile Money Operators To N5 billion

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CBN
Central Bank Of Nigeria

Central Bank of Nigeria (CBN) has pegged the the minimum capital deposit for telcos, this is to deepen financial inclusion in Nigeria through mobile money service at N5 billion.

CBN
Central Bank Of Nigeria

CBN explain this to simply means that for you to start mobile money services in Nigeria, you must make payment of N5 billion and provide the evidence of payment when applying for approval in principle,

According to Nairametrics
” In its 2018 Q3 financial result for the period ended 30th September 2018, the Group Mobile money customers grew by 1.7 million to 25.8 million users. The group also reported a 1.1 per cent rise in quarterly user base helped partly by strong performances in Nigeria, its largest but increasingly problematic market.”

It also stated that Nigeria has recorded a 50 per cent increase in the volume of mobile money services between January to September this year.

Meanwhile, Figures released by the Nigeria Interbank Settlement System (NIBSS) show that in the nine months under review, volume of mobile money transaction was N1.2 trillion. This is a tremendous increase as compared with N795.18 billion recorded in the same period last year.

READ ALSO: CENTRAL BANK OF NIGERIA BOOSTS FOREIGN EXCHANGE MARKET WITH $210

There has been also a huge rise in mobile money customers that rose from 2.3 million customers recorded in 2017 to 5.54 million customers.

This growth actually shows the interest of  Nigerians in accepting mobile money services   just a few years after it was launched by the Central Bank of Nigeria (CBN), says NIBSS.

With the level of awareness in Nigeria of today mobile money services will continue to grow, believe it or leave it,any country that is not ready to embrace technology most especially in financial markets will not experience any growth in their economy and this is the main reason CBN is doing all the possible best in bringing up policies that will strengthen the economy of Nigeria.

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