Nigeria is being questioned for its decision to block telecommunication companies from the mobile banking market. Recently the Central Bank of Nigeria cited many reasons for restricting telecoms in the country, and said the main reason was because the central bank did not have control over operations, reported All Africa.
The Central Bank stated that banking and payment services are not the primary focus of telecom firms and therefore they have no direct power over such operations.
“What we have seen is that because of the way mobile payment had taken off in some countries where telecoms companies were in the forefront, the Nigerian scenario is quite different. We excluded telecoms from providing mobile payment because of reasons of not having direct control over them,” explained Dipo Fatokun, director of banking and payment systems at CBN.
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