Business Hilights
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New CBN models to slow down financial inclusion penetration—ALTON

The Chairman, Association of Licensed Telecommunication Operators of Nigeria (ALTON), Engr Gbenga Adebayo, has averred that the new Central Bank of Nigeria (CBN) models would slow down financial inclusion penetration.

In an interview, he noted that “We think penetration will be slow. We are convinced that we are the industry with the ready infrastructure all over the country. If you talk about mobile penetration, use of mobile phones for financial service, the last mile is actually by the operators. “The last mile to reach the people is by the operators. We are of the view that penetration would be slower than it should. We think the CBN should consider operators which are interested in offering these services.

Business Hilights recalls that before now, stakeholders in the telecommunication sector have said mobile money services should be driven by telecoms companies, a position that runs contrary to that of the CBN. In its recently released ‘Regulatory Framework for Mobile Money Services in Nigeria’, the CBN said there shall be only two models for the implementation of mobile money services in Nigeria.

They are the bank-led, where a bank and/or its consortium will serve as the lead initiator; and the non-bank-led, where a corporate organisation duly licensed by the CBN will serve as the lead initiator.