21 Mar 2011
Views: 1,138
CBN Headquarters, Abuja
The Central Bank of Nigeria (CBN) has disclosed plans to engage a small or medium size firm as consultant on its mobile payment scheme expected to commence by middle of the year.
The apex bank, which made this call in a circular titled: “Expression of Interest to be Engaged as Consultants on Mobile Payments,” made available on its website Sunday, emphasised that an interested consultant must have an in-depth understanding of mobile payment scheme in Nigeria.
The CBN had earlier disclosed that the mobile payment system will take off in the country by middle of the year.
In preparation for the commencement of mobile payment scheme, CBN had earlier set up a mobile payment policy and oversight unit with the mandate to ensure compliance and recommend approval for license.
Part of the requirements from the regulator include: “Sufficient skill in the application of information and communication technology as a tool for deployment of mobile payment.”
Experts stated that with the bank customers groaning under the burden of heavy commission on turnover (COT) and other bank charges as well as a high percentage of Nigerians that lack access to bank accounts, the only available option, which would provide financial inclusion for millions of Nigerians in rural and city centres, is the mobile payment.
Editor-in-Chief of Financial Technology magazine, Mr. Sola Fanawopo said that nearly 99 per cent of households in Nigeria own one or more mobile phones, saying that there are twice as many mobile phones as television sets in the country.
He said that mobile phone as a banking tool was the most cost-effective and accessible platform to reach the unbanked population in Nigeria.
“Banks and telecommunication companies have realised the need to embrace the mobile platform,” he added.
According to Fanawopo, the major challenge being faced by the financial institutions was the issue of identification, which had led to the registration of SIM by the telecommunication companies so as to identity all users of their networks.
He said that as part of efforts to promote mobile payment, a breakfast series has been organised by ‘eNNovators’ next Tuesday in Lagos, where notable institutions such as the CBN, Nigerian Communications Commission (NCC) and other mobile payment experts would be present.
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