Regulatory frameworks and implementation patterns for mobile money in africa. The number of mobile money accounts in nigeria increased from 5. Mobile money was the first digital revolution and it has not lost its momentum, nearly doubling in the last three years. Research report making sense of mobile money in urban ghana. Et une meilleure efficacite des allocations sociales qui ne transitent.
The objective of this study was to determine what happens to socialdriven structures like cooperatives when they interface with mobile money technologies. Nigeria is currently home to about 21 mobile money operators, which comprised 15 nonbank operators and six bank operators that have been carrying out commercial operations. Mar 06, 2017 mobile money providers like mpesa have disrupted traditional financial systems in many countries in ways conventional banks could only dream of. China and india, despite having relatively high account ownership, claim large shares of the global. Mobile bankingpayments regulatory framework in nigeria. Pdf a prototype mobile money implementation in nigeria. Money, mobile payment, mobile banking, mobile money transfer and mobile wallet generally refer to payment services operated under financial regulation and performed from or via a mobile device mobile payment is an alternative payment method. All books are in clear copy here, and all files are secure so dont worry about it. Mobile money in nigeria could be worth r25 a share to mtn, says us bank the west african countrys central bank has given the goahead for network operators to. The case of kenya, ghana and nigeria idongesit williams cmi, aalborg university copenhagen. Mobile money, social capital, and financial behavior of women. It is expected to bring massive benefits to an economy because it allows for a cheaper way to extend financial services to a larger number of peoplecurrent users of financial services.
The paper focuses on innovative mobile phones money and banking options in four african countries kenya, nigeria tanzania an d uganda. Framework for mobile money implementation in nigeria. Nigerias mobile money scheme crawls at 1% penetration. This paper proposes a framework for mmoney implementation in nigeria as a poverty alleviation tool. Mobile money is a tool that allows individuals to make financial transactions using mobile cell phones. This site is like a library, you could find million book here by using search box in the header. Mobile banking is a financial service often available in developed countries, but not in most. Document cloud services also enable complete workflows for sending, esigning, and tracking documents. Gtbank, mtn to drive financial inclusion with mobile money. Nigeria, really, should be taking huge strides in financial inclusion using mobile money but we are still handling teething issues where talk has begun to. This study addresses a gap in the literature regarding the payment and money transfer segment of fintech innovations in africa using a multiple case study methodology. Central bank of nigeria to issue these guidelines, to create an enabling environment for the orderly introduction and management of mobile money services in nigeria.
The impact of mobile money on monetary and financial. Technology is also accelerating wider engagement with the financial system through internetenabled payments and data analytics. Atm, atmtobank and mobiletoatm funds transfer in nigeria among others as well as increase accessibility to. Tutorial and guide on how to troubleshoot, find faults and problems and how to repair any mobile cell phone of any brand including iphone, blackberry, nokia, samsung, htc, china mobile phone etc. Mobile money guidelines, 20 communications for all. The impact of mobile money on monetary and financial stability in subsaharan africa 1 background mobile money has helped reduce the financial exclusion gap in low and middleincome countries, particularly in subsaharan africa, which had almost 400 million registered accounts at the end of 2018. Mobile money operators typically leverage an agent network to. Mobile money in nigeria the connected nigerian consumer. Yemo osinbajo, nigeria s vice president, estimated the annual cost of nigerian telecommunications related financial services fraud at n197 billion usd544,048,605 while addressing industry stakeholders at a forum organized by the nigerican communications commission and the central bank of nigeria. Onyima jude kenechi and onugu charles uchenna abstract. Mtn to apply for mobile money license in nigeria moneyweb. Which companies are licensed to offer mobile money. Africa is already a world leader in mobile money, but now we are also seeing developments such as the rapid growth in online shopping in nigeria, and a proliferation of digital ventures and services.
Working paper guidelines on international remittances through. Exploring the relationship between mobile money development. Mtn nigeria to financial operations through momo agents. The resulting guidelines on international remittances through mobile money referred to as guidelines throughout the document illustrate how the mobile money industry and its partners are collaborating to ensure that international transfers conducted through mobile money are facilitated in a safe and secure manner. Mobile money has also been seen as a lifeline to a number of social and economic clusters in africa, from the increasing number of agents, growing from 100,000 agents in. This guideline addresses business rules governing the operation of mobile money services, and specifies basic functionalities expected of any mobile payment service and. Mobile financial services consumer protection in mobile. This year ive seen a wide range of exciting ways in. These mobile money accounts allow people to store money and to send and receive electronic payments. Adobe document cloud services, which let you complete essential pdf tasks with the acrobat reader mobile app or in your web browser, including storing and sharing files online. Mobile money implementation model the benefits of this model include. Central bank of nigeria guidelines for agent banking and. Using mobile technology to improve maternal health and fight. Nigerias central bank is targeting 80% financial inclusion by 2020.
Mobile money in nigeria could be worth r25 a share to mtn. The question is no longer whether mobile money services are available, but how to ensure that the industry. Mtn nigeria launches mobile money transfer service to. The mobile money industry has hoped to aid nigeria in meeting its financial inclusion targets but has not yet gained significant traction nor contributed much to achieving the central bank of nigerias cashless or financial inclusion policies. The classic example is the nonbankissued mobile money account that is popular across regions such as africa, but the definition extends to bankissued, lowvalue accounts in markets such as mexico and pakistan. Experience sharing national financial inclusion strategy in. Starting in nigeria, the company created many of the components for its digital sales operations. It specifies basic functionalities expected of any mobile payment service and solution in nigeria. Because account ownership is nearly universal in highincome economies, virtu ally all unbanked adults live in developing economies. Submit your company and contact details and let us know what products or services you offer. Tmobile stateside international services are great for calling friends and family who live outside u. Calling abroad stateside international services tmobile.
The gsma mobile money programme is working with mobile operators and industry. We will be applying for a payment service banking licence in nigeria in the next month or so, and if all goes according to plan, we will also be launching mobile money in. But not many are in nigeria, its largest economy and most populous country, with 200m people, where mobile money was used for transactions worth just. The development of mobile money mmoney will facilitate access to finance. According to world bank statistics cited in the national, less than 6% of nigerians use their handsets to transact using mobile money, compared with 73% of kenyans. Read online nigeria oecd book pdf free download link book now. Mobile money services in nigeria introduction of bank verification number regulatory framework for licensing super agents in nigeria release of the microinsurance guidelines revised guidelines on the electronic payments of salaries, pensions, suppliers and taxes in nigeria setup of the financial inclusion secretariat in cbn guidelines on. Mobile money, social capital, and financial behavior of. Regulatory frameworks and implementation patters for mobile. The proliferation of mobile money services, particularly persontoperson transfer. Promoting payment digitisation in ghana via mobile money. Nigeria, africas largest economy, with a population of some 200 million people, has long been one of the big hopes for mobile money and financial inclusion evangelists. Mobile money services a bank in your pocket an overview of trends and opportunities 7 their accounts and to perform transfers and payments.
Mobile money services design and development for financial. The central bank of nigeria s regulatory framework addresses business rules governing the operation of mobile payment services in nigeria. Mobile money, social capital, and financial behavior of women s cooperatives in rural nigeria. Citation and commencement these guidelines may be cited as the bank of uganda mobile money guidelines, 20 and shall come into force on october 1, 20. African ecommerce startup jumia files for ipo on nyse. Its economic benefits and challenges okifo joseph department of business education, school of vocational education, college of physical education, mosogar, delta state. Download nigeria oecd book pdf free download link or read online here in pdf. This service is therefore only available to people who possess a formal bank account. Mobile payments infrastructure access and its regulation ussd. Instead of paying with cash, cheque or credit cards, a consumer can use a mobile phone to pay for a. Central bank of nigeria regulatory framework for mobile. Following the recent grant of licenses to mobile money service providers by cbn, usa in conjunction with its associate company, afripay limited, has been in the mobile transfer business, being the first of the first set of 11 licensees, to roll out commercially, since launching nigeria s first mobile money service, umo u mobile in lagos. According to the organization, about 35 per cent of the total amount of money in circulation is doing so on a formal basis.
It has used a quarterly volume of mobile money transactions and real gdp as proxies for mobile money development and economic growth respectively. Regulatory impact on mobile money and financial inclusion in. Exxonmobil nigeria communicates information about its businesses through various publications, brochures and reports. The development of mobile payment services is an important financial innovation. Adelelouise carter abstract the internet and other electronic media have had a positive impact on the lives of individuals and businesses all over the world. Mpesa, mtn, orange, others lead africas mobile money. Although kenya is a leader in the region for mobile phone penetration at 95. This study has aimed at exploring the nature of the relationship between mobile money development and economic growth in nigeria. Nigeria to be africas largest mobile money market with. The types of accounts included for each country are listed in digital finance and. The proliferation of mobile money services, particularly personto person transfer.
Providing a monthly assessment report on the performance in prescribed format, and the submission of same to the banking and payment systems department. Igbunu richard department of computer science, school of sciences, college of physical education, mosogar, delta state. I consumer protection in mobile financial services i 3. Mar 12, 2019 african ecommerce startup jumia files for ipo on nyse. Background these guidelines address mobile money issues. We drew together information from multiple sources, including semistructured interviews. The digital financial services landscape in nigeria enabling. Nigeria is one of the fastest growing telecoms nations of. Begin your journey to becoming a supplier for mtn group. Mtn nigeria has launched a mobile money transfer service to.
Gtbank plc has entered into a strategic partnership with mtn nigeria and fortis microfinance bank to promote financial inclusiveness, with the launch of. Mobile payments infrastructure access and its regulation. Money that is easier to use within the sociocultural. With 271 services in 93 countries at the end of 2015, mobile money is now available in most developing and emerging markets gsma, 2016a. This is an exhaustive list of live mobile money services in nigeria, only these companies have commercial licenses to operate mobile money services in nigeria.
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