Following its approval of the inclusion of mobile money as part of international money transfer services in the country, the Central Bank of Nigeria (CBN) has unveiled the “Guidelines on International Mobile Money Remittance Service (IMMRS) in Nigeria”.
The CBN, however, emphasised in a document posted on its website yesterday that the guidelines restrict users and operators of mobile payments services to local currency transactions within Nigeria.
It further stated that existing CBN guidelines on international money transfer services in the country do not cover money remittances via mobile applications.
The apex bank explained that permissible activities of International Mobile Money Remittance Service (IMMRS) consist of allowable inbound and outbound transactions.
According to the guidelines, transactions under inbound remittances, “Shall be limited to the receipt of monies transmitted via mobile phones and other hand held devices to persons resident in Nigeria and foreign visitors” while transactions under outbound remittances include, “outbound Person-to-Person money remittances from Nigeria towards family maintenance.”
The regulator, however, added that, “To safeguard against circumventing the statutory reporting threshold, the mobile money remittance service shall target individual customers only.”
In addition, the CBN stated that to be qualified to apply and obtain a valid approval for operating IMMRS in the country, a firm must be a registered entity, licensed in its home country to carry on money transfer activities.
Furthermore, the guidelines stated that such firms must, “Have a minimum net worth of US$1billion, as per the latest audited financial statement, or as may be determined by the CBN from time to time; hold a valid Mobile Money Operator’s license (and) should be well established (operate in at least twenty countries with at least 10 years experience) in the money transfer business, with a track record of operations.”
Also, according to the CBN for such firms to be allowed to operate in Nigeria, they must be in partnership with at least an authorised dealer bank licensed in the country and have a Memorandum Of Understanding (MOU) “ that clearly delineates liabilities in the event of disputes and/or process failures.”
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