The Central Bank of Nigeria (CBN) has said there may be need to review the mobile banking framework in order to accommodate the telecommunication operators.
This is in response to analysts question over non inclusion of telecommunication companies in the mobile banking operational plan by the CBN.
Kola Adeyemo, assistant director, payment system policy and oversight division - banking and payment system department, CBN, who said this at the BusinessDay Mobile Money Roundtable in Lagos, also said there was need for these telcos to register subsidiary companies, which would be regulated by the CBN.
“There may be need to review the framework to do that, without that it cannot be done. We don’t want monopoly like what happened in Kenya,” he said.
Participants unanimously agreed that the telcos should be involved in mobile banking in order to drive financial inclusion. There is need for collaboration between the stakeholders, including mobile money operators and the regulators for mobile money to function effectively in the country.
In his keynote presentation, Segun Olukoya, co-founder/vice president and head of financial services and payment, NEXTZON, he said the success of mobile money was determined by how operators understand the needs of the customer and be able to tailor their products to meet those needs.
According to him, what is best for the entire industry to develop and scale faster is shared-agency operators that can service all mobile money operators.
“Mobile money operators are therefore yet to face the traditional issues - funding e-cash, liquidity management, interconnectivity, commission levels, high staff turnover, fraud management, among others,” he said.
Leke Adekoya, head, payment strategy and mobile, Stanbic IBTC Bank, stated in his presentation challenges on mobile payment to include fear of mobile payment usage by people, lack of business use cases, lack of consumer use cases, among others.
To him, what will drive convergence in the future include accessing products from any channel, authentication anywhere, payment anywhere, big data and consumer experience among others.
In his welcome address, Onwuchekwa Jamie, editor-in-chief, BusinessDay, said mobile money was key asset to enable development of other services sector, telling the participants that there was need to tap into the huge population of Nigeria by developing products and services that would suit the consumer.
“The potential for making mobile payment in Nigeria is very large, however, with that in mind, we have to think of business model that will work in Nigeria,” he said.
Kelechi Dozie, managing director/CEO, I-ONE-C, said in his that “registration is a barrier because you don’t have to be registered to use cash. If we can collaborate to minimise this act then we have made it easier for mobile money to be adopted.”
Culled from Business Day.
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