The analysts cited regulatory framework for mobile payment services in Nigeria issued by the CBN in 2009 which identifies three acceptable models for the implementation of mobile payment services: bank-focused, bank-led, and third party-led. Mobile service providers would seem to fall into the third category. Predictably, though, some think the mobile service providers cannot be allowed to lead the mobile money business, as it will mean putting two major segments of Nigeria’s economy in the hands of a few companies.
Friday, July 15, 2011
Opposition to Telco-Lead Mobile Payments in Nigeria
Government permission always plays an important role in just about any fundamental role a telecom service provider wishes to play, everywhere in the world. Against the backdrop of plans by some telecommunications companies (telcos) to go into mobile payment services, some analysts say the move is against Central Bank of Nigeria (CBN) regulations.
The analysts cited regulatory framework for mobile payment services in Nigeria issued by the CBN in 2009 which identifies three acceptable models for the implementation of mobile payment services: bank-focused, bank-led, and third party-led. Mobile service providers would seem to fall into the third category. Predictably, though, some think the mobile service providers cannot be allowed to lead the mobile money business, as it will mean putting two major segments of Nigeria’s economy in the hands of a few companies.
The analysts cited regulatory framework for mobile payment services in Nigeria issued by the CBN in 2009 which identifies three acceptable models for the implementation of mobile payment services: bank-focused, bank-led, and third party-led. Mobile service providers would seem to fall into the third category. Predictably, though, some think the mobile service providers cannot be allowed to lead the mobile money business, as it will mean putting two major segments of Nigeria’s economy in the hands of a few companies.
Gary Kim has been a digital infra analyst and journalist for more than 30 years, covering the business impact of technology, pre- and post-internet. He sees a similar evolution coming with AI. General-purpose technologies do not come along very often, but when they do, they change life, economies and industries.
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