News & Events

JUL 2021 NEWS Aluko & Oyebode

On the 9th of July 2021, the Central Bank of Nigeria (the “CBN”) issued a new regulatory framework on mobile money services in Nigeria (the “2021 Guidelines”) replacing the guidelines on mobile money services which were issued in 2015.

While the 2021 Guidelines retain the existing models (bank /non-bank-led) that may be implemented by mobile money operators (“MMOs”) with respect to mobile money services and largely replicated the 2015 Guidelines, there are a number of new introductions under the 2021 Guidelines which we have highlighted below:

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