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Nigeria to allow wireless carriers to obtain licenses to transfer cash

The Central Bank of Nigeria is preparing rules that will allow wireless carriers to obtain licenses to transfer cash, as part of efforts to increase its financial inclusion rate to 80% by 2020, Bloomberg News reported.

The regulator previously blocked such firms from moving money without using a bank.

South African telecommunications firm MTN Group Ltd. is one firm that intends to apply for a license in Nigeria, Bloomberg reported.