US EditionCBN fixes N2b capital for mobile money operators
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CBN fixes N2b capital for mobile money operators
By Collins NwezeMobile Money Operators (MMOs) are to maintain a minimum of N2 billion capital base, the Central Bank of Nigeria (CBN) has directed in a circular signed by its Director, Payments System Management Department, Musa Jimoh.They have also been authorised by the apex bank to hold customers funds under its new licencing framework.According to the circular, the new framework offers clarity for new and existing market participants.Jimoh ex
Mobile Money Unicorn Wave Chases Banking As Regulation & Price Wars Bite
Wave, the fintech unicorn that disrupted Francophone West Africa’s payments market, is now seeking a banking license. The move marks a shift as the company faces pressure from regulators and intense competition from telecom rivals. Legal documents filed in Abidjan show that “WAVE BANK AFRICA S.A” was incorporated on August 4 and formally registered on August 22. The entity is a public limited company with a share capital of CFA francs 20 B, or a…
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