Emeka Okoroanyanwu
The Central Bank of Nigeria CBN has posited that its commitment to deepening financial inclusion in line with its objective to achieve the national financial inclusion target of 80% by 2020, was the reason why the apex bank directed Deposit Money Banks DMBs not to require prior approval to offer mobile money wallet services.
Furthermore, the apex bank claimed that there is need to complement recent growth in agent banking services under the Super Agent and SANEF initiative and in recognition of the increasing demand for no-frills mobile money services.
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However, DMBs are expected to notify the CBN before the commencement of these services and are required to operate within the extant regulations on mobile money operations.