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 was cited as a global "Power Mobile Influencer" by Forbes, ranked second in the world for coverage of the mobile business, and as a "top 10" telecom analyst. He is a member of Mensa, the international organization for people with IQs in the top two percent.
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