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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.
By James Emejo
The Central Bank of Nigeria (CBN) yesterday issued a new licence requirements for payment systems, increasing the minimum capital requirements for Payment Solutions Service Providers (PSSPs) to N250 million from N100 million.
The new framework also reviewed downward, the capital requirements for licensing of Payment Solution Services (PSSs) to N100 million from N250 million.
Capital requirement for the Switching and Processing licence remains unchanged at N2 billion, including Mobile Money Operator licence, which was retained at N2 billion.
Others include the capital requirements for the Payment Terminal Service Provider (PTSP) licence, which remains at N100 million.
The Super Agent licence was also maintained at N50 million.
The Central Bank of Nigeria (CBN) yesterday issued new licence requirements for payment systems, increasing the minimum capital requirements for Payment Solutions Service Providers (PSSPs) from N100 million to N250 million.
Also, the new framework had a downward review of the capital requirements for licensing of Payment Solution Services (PSSs) from N250 million to N100 million.
Capital requirement for the Switching and Processing licence and Mobile Money Operator licence both remains unchanged at N2 billion.
This disclosure is contained in a document released by the apex bank on Monday, May 24, 2021, which stated that the eligibility for each licence category was tied to any corporate entity registered by the Corporate Affairs Commission (CAC), with Memorandum and Article of Association (MEMART).
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