Transfer Money Internationally Through Mobile Phones Now Possible In Nigeria

The Central Bank of Nigeria (CBN) has approved international mobile money as part of international money transfer services nationwide.

The CBN explained that the approval followed series of representations by financial stakeholders on the need to facilitate foreign exchange transactions through a more convenient and flexible payment window.

It also said that its approval followed widespread use of mobile telephone in Nigeria and in recognition of telephone potential as a tool for financial inclusion and efficient payment system.

According to the CBN the International Mobile Money Remittance Services would complement existing guidelines on the use of mobile telephone locally.

The guidelines cover the business rules governing the operation of the IMMRS and specify the infrastructural and risk management requirements for international mobile payments services in Nigeria.