Mobile money Cartel, the Association of Licensed Mobile Payments Operators (ALMPO) is asking the Central Bank of Nigeria (CBN) to stop policy allowing beneficiaries of dollar inflows to be paid in dollar.
The members want the central bank to reverse the policy that requires banks to make payments in dollars allowing them to pay in naira, claiming that it limits the number of Nigerians that can access the funds. This is according to a report by the News Agency of Nigeria (NAN) which cited comments from the Chairman of ALMPO, Mr. Jay Alabrabra.
“The CBN’s decision to restrict international remittances to USD payouts only is the overarching concern of everyone. It certainly limits the number of Nigerian citizens that can conveniently access funds sent from the diaspora. I sincerely hope that CBN reconsiders its position on this, and re-allow Naira payments in cash or into accounts or wallets,” Jay Alabrabra.
Mr. Alabrabra also disclosed that the CBN’s instruction was a “serious worry” for their business and suggested that the apex bank’s decision may have been a temporary measure.
Alabrabra also said that the apex bank’s decision, which had caused serious worry for Mobile Money Operators, had challenged the Industry association to further engage with CBN on the issues.
On December 16th, the Central Bank of Nigeria (CBN) issued additional guidelines for diaspora remittances in the country. It blamed mobile payment operators for flouting its directives for operators to pay remittances in dollars accusing them of paying in naira.
