It equally restricted them from using their pre paid air time operations for payment under the mobile banking system.

Explaining the rationale for the restriction, the Acting Director, Banking Operation Department, CBN, Mr. Abayomi Atoloye, said during a forum organised recently by the Financial Innovation and Access (EFInA), that the move was to prevent monopoly of the operations by the three leading GSM operators.

He said that if given the chance, there wae the possibility that the larger network would dominate the mobile payment system since they have access to the larger percentage of the population as well as the infrastructure for the deployment of the new payment system.

He explained that the limitations also prevent a situation whereby a telecommunication network would limit the deployment of the payment system to its subscribers alone, saying that with the system in place, there will be inter network operations among the telecommunications companies.

“For now, the telecommunications companies cannot be allowed to be the lead initiator for the mobile payment so as to give an equal playing filed to all the operators in the country. There will not be a situation where a telecommunication company will limit its service to only its subscribers. There should be room for competition among the operators to guarantee best service to the people,” he said.

He reiterated that the apex bank has completed a draft bill on payment system to be presented to the National Assembly for the deployment of the mobile payment system in the country.