The Central Bank of Nigeria (CBN) has granted licenses to 17 companies to operate as mobile money operators in Nigeria. This move is aimed at promoting financial inclusion and enhancing access to financial services in the country.
The 17 licensed companies include Access Bank, Diamond Bank, Ecobank, Fidelity Bank, First Bank, First City Monument Bank, GTBank, Stanbic IBTC Bank, Sterling Bank, Unity Bank, Union Bank, Wema Bank, Zenith Bank, Inlaks Limited, Paga Limited, eTranzact Limited, and Interswitch Limited.
Mobile money operators are expected to facilitate mobile financial transactions and provide mobile payment services to individuals, businesses, and government agencies. This will enable people to easily send and receive money, pay bills, and access other financial services through their mobile devices.
The CBN’s licensing of these 17 companies is a significant step towards achieving the financial inclusion goals of the Nigerian government. It is expected to increase the number of people with access to financial services, especially in rural areas where there are limited banking facilities.In conclusion, the licensing of these mobile money operators is a positive development for the Nigerian economy. It will promote financial inclusion, enhance access to financial services, and create new business opportunities for the licensed companies.