Queen Maxima advocates relaxed regulatory requirements for mobile money operators

Senior Economic Advisor, Open Society Foundations (OSF), Dr. Obiageli Ezekwesili (left); United Nations Secretary-General’s Special Advocate for Financial Inclusion for Development, Her Majesty Queen Maxima of The Netherlands; Emir of Kano, Muhammadu Sanusi II; Chairman, Senate Committee on Banking and Financial Institutions, Rafiu Ibrahim and Chair, Enhancing Financial Innovation and Access (EFInA), Modupe Ladipo; at the EFInA’s financial inclusion workshop in Abuja…yesterday. PHOTO: LUCY LADIDI ELUKPO

The visiting Queen of The Netherlands, Her Majesty Maxima Willem-Alexander, has advocated relaxation of regulatory requirements for the registration of Mobile Money Agents.

She made the appeal at a press conference to conclude her three days visit to assess Nigeria’s Financial Inclusion Strategy.

The Queen assured that the United Nations would assist the country with technical services to ensure the safety and security of transactions through the mobile money payment platform.

She added that this was necessary to increase the coverage of financial services to all parts of the country.

Queen Maxima explained that the deposit and withdrawal limits, as approved by the Central Bank of Nigeria (CBN) were low.

She stressed that the current limit of N50, 000 a day may be inadequate for customers under the scheme to meet certain needs, like health services bills and other unforeseen incidences.

According to her, the body would focus on a set of steps to give priority to a retail payment system so that the people could have access to credit, savings and insurance.

“In order to make this possible, there are two ways to focus on. The first , is to make use of technology, which would bring humongous potential for Nigeria,” she said.She expressed satisfaction with the number of cell phone users in the country, which could be used as their wallets.

Queen Maxima explained that there are practical steps to assist the country to achieve the financial initiative starting with change of regulations.

She added that certain things would have to be made possible so that mobile network operators could effectively act as mobile money operators.

“There is a lot that can be done, but we will help with the technical advice and also show how it is being done in other countries where the initiative has actually worked very well.

She included safeguarding the protection of consumers and stabilising the system because they are serious issues.



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