Nigeria’s second biggest network Globacom says it is ready to launch its mobile money platform in the next few weeks.
This was revealed by the telecommunications firm at an event in Lagos where it provided updates on operations.
The Central Bank of Nigeria’s (CBN) move to open the banking system to non-financial companies and register mobile money operators could be the biggest innovation to hit Nigeria’s beleaguered financial services industry in decades.
Opening up the mobile money space to non-financial companies breaks the monopoly of commercial banks after years of haggling between stakeholders.
The CBN hopes the regulatory tweak will make basic financial services accessible to some 50 million people in the country who have no bank accounts.
The regulatory guidelines however restrict the non-financial companies to accepting deposits, as they are barred from giving loans and offering credit facilities.