Nige­ria to have more pay­ments providers

Banking Frontiers - - Regulator -

The Cen­tral Bank of Nige­ria is propos­ing to of­fer li­censes to more pay­ment ser­vice providers in order to ex­pand ac­cess to fi­nan­cial in­sti­tu­tions. This may im­prove Nige­ria’s fi­nan­cial in­clu­sion rate by 20%, bring­ing it to 80 per­cent by the end of 2020. Cen­tral bank gov­er­nor God­win Eme­fiele said the pro­vi­sion of li­censes to sev­eral play­ers will help sup­port in­no­va­tion and com­pe­ti­tion as all par­ties work to in­crease their cus­tomer base. Nige­ri­ans in un­der­served lo­ca­tions will have ac­cess to cost-ef­fec­tive pay­ment ser­vices, cash-in and cash-out fa­cil­i­ties, and sav­ings prod­ucts, he added. Eme­fiele said 3 li­censes have been is­sued by the cen­tral bank for ‘shared-agent’ and pay­ment banks. Nige­ria with its 200 mil­lion peo­ple, is be­hind in of­fer­ing mo­bile bank­ing com­pared to the rest of Africa. Only one mo­bile bank­ing li­cense has been is­sued this year.

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