Nigeria’s demand that all of MTN’s 75 million subscribers be registered with national ID numbers in two weeks might seem like the authorities are gunning for it once again. It’s more nuanced than that.
Nigeria’s central bank said it will grant more licences for payment service banks but set a minimum capital base that could deter telecommunications firms and some other potential new entrants.
Nigeria vies with South Africa as the continent’s largest economy and is its most populous, but it’s a “sleeping giant” in the world of fintech.
Nigeria is preparing rules that will allow wireless carriers to transfer cash, softening a previous policy that protected the turf of banks in Africa’s most populous country.
Nigeria’s telecommunications regulator said tougher financial health checks on the country’s biggest mobile phone companies could prevent a repeat of last year’s collapse of debt-laden Etisalat and help stabilise