The Central Bank of Nigeria (CBN) has released the Framework on Mobile Money Services in Nigeria. The Framework incorporates an updated version of the previous Guidelines on Mobile Money Services in Nigeria. One of the objectives of the Framework is to set the minimum technical and business requirements for the various participants in the MMS ecosystem and highlights the obligations and responsibilities of the identified participants.
The Framework appears to have modified the document retention period under the Companies and Allied Matters Act. Participants are advised to review their processes and compliance framework to ensure they are up to date.
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