By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-The Central Bank of Nigeria (CBN) has issued a February 28 2013 deadline for all Mobile Money Operators (MMOs) to fully connect to the National Central Switch (NCS).

This is contained in a Circular Number BPS/DIR/GEN/CIR/01/014 dated December 14 2012 and signed by Dipo Fatokun, Director, Banking & Payment System Department of the CBN.

“In furtherance of the CBN’s efforts at ensuring effective and robust mobile payment system, all MMOs are hereby directed to fully connect to the National Central Switch (NCS) on or before February 28 2013, to ensure interoperability and interconnectivity of their scheme” the Circular reads.

Fatokun said their will be sanctions for Operators who fail to comply, “ for the avoidance of doubt, appropriate sanctions will be imposed on any Mobile Money Operator that fails to comply with this Circular” the CBN said.

The Nigeria’s Central Bank had in year 2011 introduced a regulatory framework for Mobile payment services in the Country.

According to the CBN Mobile Payment System in Nigeria refers to the various components required to deliver mobile payment to the banking and non-banking community and the providers of these services and solutions shall be required to operate within the defined regulatory framework specified by the CBN.

As earlier reported, the CBN had called on Nigerians to embrace electronic payment systems in all forms of financial transactions, affirming it would reduce risk, boost economic development and enhance financial inclusion.