CBN orders telecom firms to stop mobile payment adverts

The country's apex banking regulatory authority, the Central Bank of Nigeria, has warned telecommunication companies against carrying out public media advertisements on behalf of mobile scheme operators, thereby sending wrong signals to the public and causing disaffection among the scheme operators.In a memo to the mobile scheme operators, the CBN's Acting Director, Banking and Payment System Department, CBN, G.I Emopkae, said, 'In order to build and sustain public confidence in the mobile payment scheme, it is hereby directed that henceforth, on no account should any Mobile Network Operator, be allowed to advertise on behalf of any scheme operators or tie the operation of their system to any network.''This is totally unacceptable. For the avoidance of doubt, no Telecommunication' company had been licensed by the Central Bank to operate any mobile money scheme in Nigeria.
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