Lagos, Nigeria - The Central Bank of Nigeria (CBN) has given approval to eight new mobile money operators, bringing the total number of approved operators so far to 24, the private Guardian newspaper reported Thursday.

The paper quoted CBN's immediate past Director, Banking and Payment System, Mr. Abayomi Atoloye, as saying the move was aimed at bringing more operators into the system, making the process more acceptable and expanding its reach.

“The CBN is interested in bringing more people to play in the emerging mobile money scheme being designed by the apex bank to bring banking services to the un-banked population across the country.

'It is in view of this that the CBN gave Approval-in-Principle to about eight new operators to ensure that we have adequate coverage for now,” Mr. Atoloye said.

Mobile payment involves the process in which two parties exchange financial value using mobile devices in return for goods or services.

Last December, the CBN gave 16 mobile money operators the green-light to carry out a four-month pilot project that ended 31 March, 2011.

Pana 04/08/2011