Cashless Banking: CBN, NCC Seal Deal To Enhance Mobile Payments

Cashless Banking: CBN, NCC Seal Deal To Enhance Mobile Payments

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Post Views: 108 As part of enhancing cashless banking operations in the country, the Central Bank of Nigeria (CBN), on Tuesday in Abuja sighed a Memor...

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As part of enhancing cashless banking operations in the country, the Central Bank of Nigeria (CBN), on Tuesday in Abuja sighed a Memorandum of Understanding with the Nigerian Communications Commission (NCC) to boost mobile payments.
CBN Governor, Godwin Emefiele, said the deal was to produce a mobile payments “system in Nigeria, reducing cash transaction and enhancing cashless operations”.
The deal is coming just as the CBN released new data showing that currency outside of Nigeria’s banking sector continues to swell in what may signal that the cashless banking strategy needed another bite.
The data showed that currency-in-circulation grew by N101.99bn Month-on-Month from N1.937tr in at the end of February to N2.039tr in March.
Besides the December 2017 level, the March 2018 figure remains the highest over the past one year, according to data published on the CBN website on Tuesday.
The CBN Governor also noted that the target was to ensure 80% of Nigerians had access to financial services by 2020 compared with 40% now.
A statement by the NCC described the MoU on Mobile Payments Systems in Nigeria as a milestone which “takes serious cognizance of very crucial areas of collaboration between the two important regulators with respect to financial inclusion strategy, already being driven by the CBN.
“The strategy also provides responsibilities of the two organizations towards the achievement of government’s objective on payment systems, including but not limited to mobile money services,” it noted.
Prof. Umar Danbatta spoke on the Commission’s critical review of the existing framework for the regulation of mobile payments in Nigeria, within the membership of a Committee comprising of the CBN, NCC, the Nigeria Deposit Insurance Corporation (NDIC) and the Nigeria Interbank Settlement System (NIBSS).
He assured that the Commission is looking forward to signing the revised strategy of the Anti-money Laundering (AML) aimed at preventing, detecting and controling money laundering and financial terrorism.
Emefiele also spoke on the critical importance of telecoms on the Nigerian economy and also congratulated the Commission on its efforts towards protecting the interest of Telecom Consumers and Service Providers.
The two regulatory bodies re-assured each other that they will continue to partner and collaborate on shared terms for the actualization of their mutual mandates and enhancement of human lives.

Photo Caption: NNCC Executive Vice Chairman, Prof. Umar Garba Danbatta (left) and CBN Governor, Godwin Emefiele hold up copies of the MoU on Mobile Payments Systems in Nigeria after the signing ceremony on Tuesday in Abuja.

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