Wednesday, August 24, 2011

NCC develops regulatory framework for mobile money

The Nigerian Communications Commission (NCC) is developing regulatory framework to support the plans by the Central Bank of Nigeria (CBN) to open the economy for the Mobile Money operators.

The Executive Vice Chairman, NCC, Dr. Eugene Juwah, who was represented at the occasion by the Director, Policy, Competition and International Affairs at NCC, Mrs. Lolia Emakpore, disclosed this at a one-day forum on Mobile Money – The New Eco-system, organized by the ITWorld International Magazine in Lagos on Tuesday.

He also said that the telecom regulator is putting its house in order so as to be well positioned for its contribution in ensuring that the recent window of investment through the licensing of some Mobile Money operators in the country by CBN, does not have any negative effect, but steadily adding to the burgeoning telecommunications sector success.

Juwah, while commending the organizers, said that the Nigerian market is reap for the Mobile Money, especially relying on telecommunications infrastructure.

He described Mobile Money as a veritable tool for social commerce and helps in electronic procurement purposes.

This, he said, would be a boost for mobile payment and could be leveraged on to expand the economy of most Nigerians.

“Almost every home now owns a phone, but not all have bank accounts,” he observed.

The NCC, he pointed out would soon establish a Service Level Agreement (SLA) to guide Mobile Money investment in the country.

He urged the CBN’s licensees on Mobile Money to take advantage of NCC on licensing for this operation to contribute effectively to the economy.

Noting that operators of Mobile Money in the country would be duly authorized with adequate framework to address the likes of interconnection rates and other service charges, insisting that only subscribers who have registered their Subscriber Identification Module (SIM) would have access to the latest services.

“Only subscribers who have registered their SIM would be allowed to go on this Value Added Service (VAS) – Mobile Money,” he said, assuring that NCC would ensure a seamless interpretational among relevant operators as far as this service is concerned.

Earlier, the chairman of the occasion and Group Chief Executive officer, Teledom Group International, Dr. Emmanuel Ekuwem, expressed optimism on the proposed implementation of the Mobile Money policy between NCC and CBN.

“I have no doubt on the ability of these government agencies to make this mobile money service to our people a success,” he said.

Welcoming participants, the organizers led by the chief executive officer, IT World International, Mr. Enyi Moses, noted that the decision to organize this forum follows increasing public interest in Mobile Money, especially in the East African country of Kenya.

“The case of East Africa where Mobile Money is a thriving business running into several billion dollars is very fresh in minds,” he said.

Enyi pointed out that Mobile Money has since been proven a successful concept and has continued to provide millions of people around the world with access to finance and demand has continued to increase.

According to him, with Mobile Money, users are moving out of cash-based informal systems and are fully participating in the formal economy, making it a key way to improve livelihoods.

“The mobile phone is the newest of many vehicles used to access financial services. Current Mobile Money deployments provide person-to-business payments, like purchasing airtime top-up, or international person-to-person remittance services,” he said.

Remmy Nweke
ITREALMS Online ... delivering news for ICT4D


rain said...

There needs to be a policy regarding this. It can affect monetary exchanges.

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Anita said...

In this kind of technology, it is important for the company to ensure the safety & security of the consumers and users. This needs to have a strict implementation & privacy. This is the same logic when it comes to investing money through banks and Forex. Binary options brokers always give great advices when it comes to money matters.