Central Bank of Nigeria (CBN), in a circular signed by Musa Jimoh, its Director of Payments, System Management Department, has directed Mobile Money Operators (MMOs), to maintain a minimum of N2 billion capital base.
The apex bank also authorised the MMOs to hold customers’ funds under its new licencing framework. Jimoh explained that under the new licensing regime, e-money issuing, wallet creation, pool account management and other activities are permissible under super agents.
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