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Mobile Money In Nigeria:

The introduction of mobile telephony in Nigeria, its rapid growth and adoption and the identification of person to person payments as a practical strategy for financial inclusion, has made it imperative to adopt the mobile channel as a means of driving financial inclusion of the unbanked.

These factors underscore the decision of the Central Bank of Nigeria to issue this regulatory framework to create an enabling environment for the orderly introduction and management of mobile payment services in Nigeria.

The CBN Cashless Policy was introduced in June 2012, to ensure individuals and corporates bod’s no longer make cash withdrawals above N500,000 (five hundred thousand naira) and N3,000,000.00 (three million naira) per day, respectively.

The policy stipulates that any withdrawal exceeding above limits attracts 3% penalty on the excess for individuals or 5% for corporate organizations.

For example if an individual makes a 1 million naira withdrawal, they incure 3% charge of N30,000 or N250,000 on corporate withdrawal of N5,000,000.

The movement of large amount of physical cash has become a crime and offenders will be prosecuted.

Exemptions have however been granted on withdrawals for accounts operated by Embassies, Diplomatic Missions, Multilateral Agencies, Aid Donor Agencies, Ministries, Departments and Agencies of Government(revenue collection only), Microfinance Banks (MFBs) and Primary Mortgage Institutions (PMIs).

Already, individuals and corporates bodies have positioned themselves to benefit from the policy.

About 80 million Nigerians still remain unbanked or underbanked, meaning BIG business for the mobile money industry in Nigeria.

Mobile Money Agents Does The Following:

1. Issue and fund ATM cards (MasterCard) for your customers.

2. Do and teach your customers how to withdraw money from ATM machines without ATM cards.

3. Do and teach your customers how to transfer money to any bank account in Nigeria.

4. Do and teach your customers how to send money to anyone in Nigeria through their phone number alone (No bank account required).

5. Serve as Western Union & MoneyGram Agent & assist people receive money from loved ones abroad.

6. Do and teach your customers how to pay for DSTV/GO

created 753 days, 23 hours, 40 min ago
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