Wednesday, 12 June 2013

Nigeria's mobile money providers to develop standards

Nigeria's central bank has been pushing mobile payments as a mechanism to address the nation's high rate of unbanked consumers. To that end, the country's Association of Licenced Mobile Payment Operators is looking to develop standards and build a framework for mobile financial services.

According to a story on, ALMPO will be working with the Central Bank of Nigeria to ensure cooperation among the various stakeholders and viability of mobile payments in Nigeria.
"We want to put the future of our mobile payments industry on a clear and firm footing, and an independent body comprising of all licence stakeholders is the logical first step," said Dara Owolabi, ALMPO chairman, in the story.

Nearly three-quarters of Nigeria's population is unbanked, lacking access to basic financial services. However, more than 100 million out of 170 million Nigerians have mobile phones.

Source: Mobile Payments Today

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