By Babajide Komolafe
The Central Bank of Nigeria, CBN, and Nigeria Communication Commission (NCC) would lead other mobile payment experts to speak at the forthcoming Ennovators Breakfast series organised by Financialtechnology magazine.

“With banks’ customers groaning under the burden of heavy cost of transaction (COT) and other bank charges, while a large percentage of Nigerians lack access to bank accounts, the only available option, which would provide financial inclusion for millions of Nigerians in rural and city centres is the mobile payment,” Editor in Chief of Financialtechnology magazine, Mr. Sola Fanawopo, said.

According to him, nearly 99 per cent of households in Nigeria own one or more mobile phones, and as such, there are twice as many mobile phones as television sets in the country.

He added that mobile phone as a banking tool is the most cost-effective and accessible platform to reach the un-banked in Nigeria.

Pointing out that banks and telcos have realised the need to embrace the mobile platform, he said the major challenge being faced by financial institutions is the issue of identification, which has led to the registration of SIM by the telcos to identity all the users of their networks and Know Your Customer (KYC) requirements by the banks.

However, the SIM registration is intended to assist the law enforcement agents in identifying users of a particular phone line, which could become the most important KYC resource in developing economy with poor identity system like Nigeria.

What effect will the ongoing SIM registration have on mobile money in the country? How similar are the requirements with existing KYC rules?

Mobile payment thought leaders that would provide answers to these and other questions at the Ennovators Breakfast series with the theme ‘Harmonising SIM Registration and M-payment KYC for Secure M-Payment Service in Nigeria’ include the Director of Banking & Payments System Department, CBN, Mr. Abayomi Atoloye, and Dr. Eugene Juwah, Executive Vice Chairman, NCC.

Others slated to speak on different topics at the event are the Director General/CEO, National Identity Management Commission (NIMC), Chris Onyemenam; MD/CEO, Chams, Mr. Demola Aladekomo; MD, ExpertEdge Systems (CWG”s Software division), Mr. James Agada.

Other speakers include CEO of CR Services (Credit Bureau), Taiwo Ayedun; MD, Ingenico, Mr. Gansirey Seck; CEO, Qrios Networks, Mr. Mosh Adetoro; and Principal consultant Mobile Money Africa, Mr. Emmanuel Okoegwale.

Fanawopo informed participants that the event is a quarterly knowledge sharing platform for Dreamers-Drivers-Doers (3D) of technology business in financial services industry across Africa to networking and acquire strategic knowledge.

As such, participants would learn the effect of mandatory SIM registration on mobile payment services in Nigeria, merits and demerits of different requirements for SIM registration/mobile payment KYC rules, similarities and differences between SIM registration requirement and mobile payment KYC rules, how NCC/CBN can harmonise SIM registration and mobile payment KYC requirements as well as how SIM registration can be used for financial identity services.