The Central Bank of Nigeria has requested a minimum deposit of N5 billion for telecommunications companies interested in mobile money services.
The CBN draft states the payment of N5bn must be provided when applying for an Approval in Principle.
Meanwhile, MTN, Airtel, 9mobile, Ntel , and Globacom have shown interest in driving financial inclusion plans of the Federal Government.
The Apex bank also granted telcos a provisional approval to apply for a Payment Service Bank licence through a subsidiary company.
The Chairman, Association of Telecommunications Companies of Nigeria, Gbenga Adebayo says the PSB licence will allow the telcos to facilitate payment but restrict them from giving loans.