The Central Bank of Nigeria has issued licences to 11 companies to offer mobile money services. The eleven are Fortis Money, UBA/Afripay, GTBank Mobile Money, Pagatech,eTranzact, Monitise, Eartholeum, Paycom, FET, Ecobank and Kudi. However, according to local paper The Guardian, “only four firms had completed all documentation, such as they could commence operation immediately”. The other seven still have to clear paperwork with the central bank before they can launch.

The country’s central bank awarded licences in principle to 16 companies last year who were given four months from the start of January to end-April 2011 to demonstrate they were capable of rolling out mobile money networks nationally. The central bank is eager to find companies capable of launching mobile phone-based money transfer services for unbanked and underbanked customers. The five provisional licence holders who have failed to make the grade according to the bank are: Stanbic IBTC Bank, First Bank of Nigeria, Chams, Parkway and Corporeti.

Among the successful bidders are GTBank Mobile Money, which is a partnership between Guaranty Trust Bank and MTN, the South African-based mobile operator who last week announced in its quarterly results that it has passed five million mobile money users across the group.

Another winner is Monitise, a mobile banking specialist whose backers include Visa which holds a minority stake. And Fortis Money is the sister company to Fortis Microfinance Bank, Nigeria’s leading microfinance institution.