Nokia President and CEO Kallasvuo talks during the 2010 International Consumer Electronics Show in Las Vegas

Nokia said on Monday it has decided to close down Nokia Money, a financial service targeted for emerging markets, as it focuses on the phone business and location-based services.

Nokia opened the financial service across India only late last year and was planning to expend to several other emerging markets.

Financial services are seen as one of the major business opportunities in the wireless sector, but so far have become a big business only in Kenya and the Philippines, as tight regulations and the lack of a business model have restricted takeup elsewhere.

Nokia is in the midst of revamping its operations under Chief Executive Stephen Elop, who was hired in September 2010 to turn around the company.