How is Nairabox operating a mobile wallet without a License?

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I started using Nairabox just recently and it works as intended! I’m just curious how they’re operating a mobile wallet without a license from CBN. Nairabox is a trademark of JORG Technologies. Neither JORG or Nairabox is listed on the CBN website.

Secondly when I was validating my Card, an OTP came From Paystack. Does this mean Paystack is powering Nairabox or there’s some partnership between them that’s why they’re able to run without a mobile money license?

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Mobile Money is actually money that is accessible from your phone and across an agency network. It’s money in motion, so you can deposit, withdraw and tender.

From the last time I used Nairabox, it’s sort of a credit system (think Amazon or Facebook credits). You convert money into digital currency to do only services they offer. Cinema tickets being the most popular one.

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This makes sense and made things more clearer. My next question is, at what point does it then require a license from CBN? Paga, has the license according to CBN. What’s the difference between Paga and Nairabox?

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@craigprins a digital wallet service like nairabox and mobile money solutions like paga are 2 separate entities. Companies like amazon and eCommerce firms such as konga have digital wallets which allow their users fund it to access some certain services they offer and such is nairabox but they are cbn regulated anyway. But for you to play in the financial sector either as a card processor, financial provider, credit provider, virtual bank and allow your users initiate some sort of bank to bank transactions you would need a CBN micro finance or mobile money licence at the least while the latter being very hard to process and get. Most digital wallet services that claim to be licenced by CBN have a CBN micro finance licence which is more easier to get than a mobile money licence.

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thanks @segz will a unit Micro finance Bank license be sufficient to run a full mobile wallet service that would transmit funds across banks? or must I get a mobile money license?

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Yes, a micro finance license is acceptable by CBN for digital wallet services

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