Regulatory Framework for Mobile Payment Systems in Nigeria


(enacted in 2009)

The Regulatory Framework for Mobile Payment Systems in Nigeria, issued by the Central Bank of Nigeria in 2009, provides rules governing the operation of mobile payment services in Nigeria. The objectives of the framework are:

  • Provision of an enabling environment for mobile payments services in reducing cash dominance in the Nigerian economy;
  • Specification of minimum technical and business requirements for various participants in the mobile payments services industry;
  • Stipulation of roles and responsibilities of participants in the provision and usage of mobile payments services; and
  • Provision of broad guidelines for implementation of processes and flows of mobile payments transactions from initiation to completion.

The regulatory framework discusses:

  • Mobile payment systems (such as mobile payment models, types of mobile payments scenarios and processes);
  • Infrastructure (such as settlement, service providers);
  • Technology (such as standards);
  • Business rules (such as e-money, agents & KYC/CDD/AML);
  • User protection; and
  • Compliance monitoring.