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2 Banks and Telco Come Under CBN Axe for Mobile Banking Violations

By on December 8, 2012

CBN HQ, FCT

In its quest to sustain viable reforms that will curb any excess in the technology driven era of mobile banking system, the Central Bank of Nigeria has further asserted that it will do everything within its power to safeguard the financial inclusion principle.

This therefore prompted the recent decision by the Central Bank Governor to probe into the activities of two financial institutions and a leading telecommunications firm for allegedly conniving to truncate the progress of the initiative.

Mobile Banking and the ‘Cashless Economy’ are banking technology policies driven by the Sanusi regime to promote a seamless process of transactions across the country.

Though the names of the Institutions (Both Banking and Telecommunications) are yet to be revealed, there is great optimism that with this current step taken by the regulatory body, value will be restored to the mobile banking operations.

This is coming at the heels of the Presentation of Mr Michael Ugwu the CEO of Iroking Group the owners of ‘Iroko’ at the recently concluded ‘Nigerian Creative Expo economic Summit’ that the mobile technology has the key to driving the operations of the creative industry, but said some Telcos and Banks were stifling the process with their measures.

Governor Sanusi who was in a discussion panel group at the just concluded National Economic Summit Group (NESG) said time has come for values, order and decorum to be sustained in the Nigerian Industry, whether it delves into any derived sector whether mobile, agriculture, and petroleum.

On the issue of Listing Telcos in the Nigerian Stock Exchange, the CBN chief said it was imperative for such steps to be taken because comparatively at some point Multinationals are compelled to embrace Indigenization.