Telcos and Banks synergy in Mobile money system

In the past, the Central Bank of Nigeria(CBN) gave the financial institutions the sole authority to drive the mobile money service while telecoms companies were allowed to provide only supporting services.
Consequently, the system has been moving at a snail's speed without its full potentials being realized. A lot of Nigerians do not know what mobile money is all about because adequate awareness campaign has never been set aside for it.
Now, the Central Bank of Nigeria(CBN) has agreed to review its policy on mobile money to include the telecoms industry full participation.
Telecommunications companies have the required infrastructure to strengthen and drive the mobile money service effectively because of their wide spread presence and facilities.
However, no power tussle should be envisaged between the Banks and the telecos as was initially presumed by the Central Bank(CBN). Rather, a strong partnership should be expected between the Banks and telecos to drive the mobile money system to success.

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