Telcos Disagree With VBN, Push To Lead Mobile Money
Stakeholders in the telecommunication sector have said mobile money services should be driven by telecoms companies, a position that runs contrary to the Central Bank of Nigeria. But the CBN said there shall be only two models for the implementation of mobile money services in Nigeria. They are the bank led, where a bank and or its consortium will serve as the lead initiator and the non bank led, where a corporate organisation duly licensed by the CBN will serve as the lead initiator. However, the Chairman, Association of Licensed Telecommunication Operators of Nigeria, said that the new CBN models would slow down financial inclusion penetration. He said for rapid coverage and full inclusion, mobile operators would have to take the lead. Speaking of the non bank led model, the CBN said, “This model allows a corporate organisation that has been duly licensed by the CBN to deliver mobile money services to customers. The Chairman, Association of Telecommunications Companies of Nigeria indicated that the CBN should have taken a cue from the success of M-Pesa by Safaricom in Kenya. He said the rate of adoption would depend on how the telecom industry and financial industry work together.