By Audrey Lotechukwu
THUR, 10 DEC, 2020-theGBJournal- The Central Bank of Nigeria (CBN) today announced the approval of new license categorisation for the payments system.
The CBN said this is in line with its commitment to promote a strong and credible payment system.
The apex bank said the licensing framework offers clarity for new and existing market participants given the significant evolution and innovation in the Nigerian payments system.
The payments system licensing has been streamlined according to permissible activities in four broad categories including switching and processing, Mobile money operations (MMOs), payment solution services (PSS) and regulatory sandbox.
The CBN noted that only MMOs are allowed to hold customer funds. ‘’Companies with licences within any of the other categories are not permitted to hold customer funds.’’
The apex bank also specified minimum capital requirement for each of the licence categories ranging between N50 million and N2 billion for MMOs and for the switching and processing categories.
See attached:
Categorization of PSPs
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