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The Central Bank of Nigeria has set new capital requirements for payment firms in the country.
The CBN disclosed the capital requirements in a circular on Monday titled ‘New license requirements for the payments system’.
The CBN stated that to have a Payment Terminal Service Provider licence, a firm was required to have N100m shareholders’ funds unimpaired by losses.
It retained super agent’s licence at N50m; Switching and Processing firm’s licence at N2bn; Mobile Money Operator’s licence at N2bn; Payment Solution Services at N250m and Payment Solution Service Provider at N100m.
CBN sets N2 billion as capital requirement for fintechs
Other categories of operators have a lower benchmark.
The
Central Bank of Nigeria has set capital benchmarks for firms involved financial technology and payment operations.
Those in the top category, dealing with switching and processing, as well as mobile money operation, will have a N2 billion shareholders’ funds unimpaired by losses, the regulator announced.
According to a document conveying the guidelines published on the bank’s website on Monday, six categories of payment operators were newly approved by the CBN.
They include those involved in switching and processing, mobile money operators, Payment Solution Services (PSS), Payment Terminal Service Provider(PTSP), Payment Solution Service Provider (PSSP) and Super Agent licenses respectively.
Pan-African fintech platform Appzone secures $10mn series a funding tynmagazine.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tynmagazine.com Daily Mail and Mail on Sunday newspapers.
Payments , Banking , FinTech StartUps 10:20 am
Appzone, the Pan-African fintech software provider building proprietary solutions for the continent’s banking and payments industries, has today announced the close of its $10mn Series A round. Led by CardinalStone Capital Advisers with participation from V8 Capital, Lateral Investment Partners, Constant Capital, and Itanna Capital Ventures, the new round will bolster investment in Appzone’s core technologies and kick off a wave of new country expansions in a drive to build out a financial operating system intended to completely digitise and automate the delivery of financial services on the continent.
Launched in 2008, Appzone delivers best-in-class products for digital core banking and interbank transaction processing with clients across seven African countries including high-profile names like Access Bank, GT Bank and Zenith Bank. Since its inception, the company, also an alumnus of the Google launchpad accel
Appzone raises $10m in Series A to extend its banking technology across Africa techcabal.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from techcabal.com Daily Mail and Mail on Sunday newspapers.