NCC and CBN Sign MoU On Payment Systems In Nigeria

The Nigerian Communications Commission and the Central Bank of Nigeria, have signed a Memorandum of Understanding on Payment Systems in Nigeria.

Professor U.G Danbatta led a delegation of NCC’s Senior Management staff to the Governor of the Central Bank of Nigeria, Godwin Emefiele, where the latter recommended the signing of the MoU on Payment Systems in Nigeria.

The MoU takes serious cognizance of very crucial areas of collaboration between the two important regulators with respect to financial inclusion strategy, already being driven by the CBN. The strategy also provides responsibilities of the two organizations towards the achievement of government’s objective on payment systems, including but not limited to mobile money services.

Prof. Umar Danbatta spoke on the Commission’s critical review of the existing framework for the regulation of mobile payments in Nigeria, within the membership of a Committee comprising of the CBN, NCC, NDIC and the NIBSS.

He further stated that the Commission is looking forward to signing the revised strategy of the Anti-money Laundering (AML) aimed at preventing, detecting, indicting and control of money laundering and financial terrorism.

Mr. Godwin Emefiele spoke on the critical importance of Telecoms on the Nigerian economy and also congratulated the Commission on its efforts towards protecting the interest of Telecom Consumers and Service Providers.

The two regulatory bodies re-assured each other that they will continue to partner and collaborate on shared terms for the actualization of their mutual mandates and enhancement of human lives.