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Nigeria’s central bank issues new guidelines to further regulate MMOs

Regulatory changes were made in this regard previously in 2015

The Nigerian Central Bank has issued a set of new guidelines to further regulate the Mobile Money Operators (MMO) in the country, media reports said. The last time amendments were made was in 2015, since then, a lot of development has taken place when it comes to mobile money.

Now, mobile money operators in Nigeria will be able to offer savings wallets, which will be operated with settlement banks and the funds held in these wallets are insured with the Nigerian Deposit Insurance Corporation (NDIC).

The balance limits for wallet holders have been increased from N50,000 to N5,000,000 daily. For cumulative balance, the N300,000 cap has been completely removed.

Last week, the Central Bank of Nigeria (CBN) refunded citizens nearly N82.2 billion for failed transactions.

CBN Governor, Godwin Emefiele told the media, “Oftentimes, there have been sundry issues. Once we get these complaints, we investigate and if the issues are found to be true, we make sure refunds are made. As of June 2021, we have facilitated the refund of N82.2 billion to customers.”

“During the heat of the Covid-19 pandemic last year, we realised that the global economy was shut down, with families and businesses affected. The first thing CBN did was to roll out some interventions to mitigate the impact of the pandemic on livelihoods and businesses. It was a health crisis, and we needed to up our game in terms of health infrastructure,” he added.

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