Nigeria: Banks No Longer Need Separate License for Wallet Service - CBN

Lagos — The Central Bank of Nigeria (CBN) has disclosed that Deposit Money Banks (DMBs) will no longer require a separate license to operate a mobile wallet or mobile banking.

This was disclosed in Lagos by director, Banking and Payment System, CBN, Sam Okojire, who was represented by the deputy director, Banking and Payment System, Mr. Musa Itopa Jimoh, at the First Bank cross border seminar for Banking and Telecom Regulators from sub-Saharan Africa.

Jimoh said: "You do not need authorisation from the CBN to go into Wallet services or mobile money schemes. All you need is to notify the CBN your current license suffix."

Speaking of the apex bank's position on the adoption of digital currencies, he said: "We have not made up our mind on what steps to take but I am not sure or believe that the CBN will ever go crypto.

"We know what they are doing in Sweden and China. We are not running on the same parameter and so based on financial inclusion, adopting digital currency will mean a number of our population will be excluded."

In his opening remarks, the Managing Director/CEO of First Bank of Nigeria Limited Adesola Adedutan, said as the global market continues to grapple with digital technology, the bank will be at the forefront.

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