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CBN Investigates Violation Of Banking Rules By MTN

By The Citizen
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The Central Bank of Nigeria (CBN) has said it is investigating the likely case of violation of banking regulation as it concerns mobile banking by MTN, one of the a biggest telecommunications companies in the country.

Governor of CBN, Sanusi Lamido Sanusi, who disclosed this yesterday, also blasted those calling for his sack for daring to point out the anomaly of government spending 70 per cent of its revenue on itself, which leaves the majority of the people to suffer.

Speaking at the last day of the 18th Nigerian Economic Summit in Abuja, Sanusi said the big telecom company, which is currently working in partnership with two banks in the country to provide mobile banking services, might have violated certain banking regulations.

'A big telecom company is violating our regulation. It is working with two banks. We are investigating the matter,' he said, insisting that since the CBN's primary responsibility was to protect depositors, mobile banking transactions had to be spearheaded by banks and not telecommunication companies because the CBN regulates of banks not telecom companies.