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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.
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