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NCC mute as CBN liberalizes mobile money operations

Getting to one week after the Central Bank of Nigeria (CBN) has said that commercial banks can operate mobile money wallet services without prior approval from any agency, the telecoms regulator, Nigerian Communications Commission (NCC) is yet to react.
However, whereas some industry analysts say NCC may have been officially informed by the apex bank because of telecoms regulatory linkage effects with mobile money transactions, NCC has remained silent without any form of regulatory input to the new vista opened by the apex bank.
Observers say it amounts to regulatory rascality if the CBN took its latest decision in liberalizing mobile money operations without recourse to the NCC. They also observed that such rascality has been the course of agency’s regulatory clashes which always end up victimizing the innocent citizens.
Recall that the apex bank, had Thursday last week in a circular to commercial titled; ‘Operation of mobile money wallets by DMBs,’ announced that “The Central Bank of Nigeria remains committed to deepening financial inclusion in line with its objectives to achieve the national financial inclusion target of 80 per cent by 2020.
“To complement recent growth in the agent banking services under the Super Agent and SANEF initiative, and in recognition of the increasing demand for no-frills mobile money services, the CBN hereby directs that Deposit Money Banks shall henceforth not require prior approval to offer mobile money wallet services.
Without mentioning any form of recourse or reference to the telecoms regulator, the CBN noted that “ Deposit Money Banks (DMBs) are, however, expected to notify the CBN before the commencement of these services and are required to operate within the extant regulations on mobile money operations.”