Nigeria e-Money Regulatory Engagement
Area of Work:Policy & Regulatory Design and Advice; Policy & Regulation
Key Partners/Clients:Bill & Melinda Gates Foundation (BMGF)
BFA Global worked with the Bill & Melinda Gates Foundation (BMGF) to develop and present a PowerPoint slide deck addressing key electronic money (e-money or mobile money) regulatory and supervisory issues, with the ultimate goal of creating a more enabling regulatory environment for mobile money services in Nigeria. This slide deck was tailored to the specific needs of the Central Bank of Nigeria (CBN) the Nigerian Communications Commission (NCC), and the Nigeria Deposit Insurance Corporation (NDIC). Phase 1 of this project involved development of a slide deck, which BMGF shared and discussed with the CBN. During Phase 2, additional topics were included in the deck and we traveled to Abuja to lead a two-day workshop with CBN, NCC, and NDIC representatives in Abuja. Following the workshop, BFA Global drafted a list of key action items for follow-up, which BMGF shared with the CBN. Representatives of the CBN, NCC, and NDIC left the workshop with a stronger understanding of how to mitigate key e-money risks and effectively regulate and supervise these services, while BMGF left with a stronger understanding of key e-money regulatory and supervisory issues and a slide deck that could be adapted to use in other markets in the future.