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MOBILE MONEY OPERATORS
Mobile money operators (MMOs) in Nigeria are banking on a projected 65% smartphone penetration by 2026 to drive the next boom in the adoption of their services.
The recent liquidation of Heritage Bank and the attendant apprehension over depositors’ money has raised more concerns for users of fintech companies licensed to operate as mobile money operators (MMOs) such as Opay, Palmpay, and Paga, among others.
The Central Bank of Nigeria (CBN) governor, Yemi Cardoso, has raised concerns about the growing transaction volumes of Non-Bank Financial Institutions (NBFIs) and Other Financial Institutions (OFIs), citing significant risks to financial stability.
Nairametrics presents the 17 companies licensed by the Central Bank of Nigeria (CBN) to provide mobile money services.
The stakeholders insist that mobile money services should be driven by telcos, as against what is prescribed by the CBN.
As part of its efforts to deepen financial inclusion and maintain its commitment to achieving the 80% target by year 2020 in the country, the Central Bank of Nigeria has authorized commercial banks to now fully operate mobile money wallets.