This regulatory framework was developed to conform to international best practice and standards. It is also a product of vigorous engagement and consultations with stakeholders.
After identifying person to person payments (over the mobile phone infrastructure) as a practical strategy for financial inclusion of the un-banked, the Central Bank of Nigeria opted for the creation of an enabling regulatory environment as a policy path towards achieving availability, acceptance and usage of mobile payments services in Nigeria. The overriding vision is to achieve a nationally utilized and internationally recognized payments system.
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