Mobile Money Operator (MMO)
CBN license to operate a mobile money platform in Nigeria.
- Minimum capital
- ₦2,000,000,000
- Estimated timeline
- ~12 months
The Mobile Money Operator license permits a company to operate a mobile money scheme under CBN supervision, including wallet issuance and agent network management.
Document requirements
Certificate of Incorporation
MandatoryCAC certificate of incorporation.
Memorandum and Articles of Association
MandatorySigned and stamped MEMART.
Evidence of share capital deposit
Mandatory₦2 billion minimum, deposited and evidenced.
Business plan and operational policy documents
MandatoryFull operating plan and internal policies.
AML/CFT compliance framework
MandatoryAnti-money laundering and counter-terrorism financing policy.
Data protection policy
MandatoryNDPR-compliant data protection policy.
Board and management profiles
MandatoryCVs and background checks for directors and key management.
Shareholders register
MandatoryCurrent register of shareholders.
Tax clearance certificate
MandatoryCurrent tax clearance certificate.
Frequently asked questions
Can a foreign-owned company apply for an MMO license?
Yes, subject to CBN foreign investment and local incorporation requirements — a locally incorporated entity is required to hold the license.
How long does MMO licensing take?
Typically around 12 months from a complete application, though this varies with CBN’s review queue and the completeness of the dossier submitted.
Ready to File This One?
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