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Cashless: CBN to revoke 15 mobile money licences

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The Central Bank of Nigeria (CBN) is set to revoke licences of more than 15 mobile money operators that have increasingly found it difficult to operate in the country in the past few years, New Telegraph has gathered.

Already, a new capital requirement of N2 billion has been set for the licensees and any operator that fails to meet the recapitalisation by July 1, this year, will have its licence revoked, according to the apex bank. Director, Corporate Communications, CBN, Mr. Isaac Okorafor, confirmed the development to New Telegraph yesterday.

According to him, “With the potential explosion in mobile money and other related activities, the CBN, after very rigorous research and consideration, came up with the new capital requirement to make for a strong mobile money industry.”

He said the initial capital requirement was N500 million, stressing that the operators were required to have met N1 billion at the end of December 2017 and to make up N2 billion by 1st of July 2018.

New Telegraph, January 31, 2018

 

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