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.

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