CBN fixes N2b capital for mobile money operators

Mobile Money Operators (MMOs) are to maintain a minimum of N2 billion capital base, the Central Bank of Nigeria (CBN) has directed in a circular signed by its Director, Payments System Management Department, Musa Jimoh.

They have also been authorised by the apex bank to hold customers’ funds under its new licencing framework.

According to the circular, the new framework offers clarity for new and existing market participants.

Jimoh explained that under the new licensing regime, e-money issuing, wallet creation, pool account management and other activities are permissible under super agents.

The CBN director said the new policy aligns with CBN’s commitment to promote a strong and credible payment system.