The Streetjournal Magazine is an online investigating media house that specializes on systematic, serious crimes, political corruption or corporate wrongdoing.
Just in: CBN releases framework for non-bank acquiring
On
By Elizabeth Adegbesan
The Central Bank of Nigeria (CBN) has released a Regulatory Framework for Non-bank Acquiring to all deposit money banks, payment service providers and all financial institutions.
The apex bank disclosed this today in a circular signed by Director, Payments System Management Department, CBN, Musa Jimoh.
The CBN circular stated that the framework is in furtherance of its mandate to promote a sound financial system and facilitate the development of electronic payments service in Nigeria.
The circular stated:” The CBN, in furtherance of its mandate to promote a sound financial system and facilitate the development of electronic payment systems in Nigeria, hereby issues the Regulatory Framework for Non Bank Acquiring In Nigeria.
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.
CRC Credit Bureau Limited recently hosted a webinar to educate individuals and businesses on open banking.
The Managing Director/CEO of CRC Credit Bureau Limited, Dr. ’Tunde Popoola, in a statement said the webinar with the theme: ‘Open Banking: Implications for Payments System and Access to Credit,’ was an important discuss to understand its connection to data management and financial inclusion.
Popoola stated: “For us at CRC, we identified the direction of information dissemination and availability among players in the economy and our products and services are driven by data.
“We represent one side of the financial intermediation equation by holding and disseminating data on credit activities. It is complete when access to information on the deposit mobilisation and payments system is also democratised.
Oluchi Chibuzor writes on the ban of cryptocurrency transactions in Nigeria’s banking and payment systems
The Central Bank of Nigeria (CBN) recently directed banks and other financial institutions to close any accounts dealing in cryptocurrency or facilitating payment for cryptocurrency exchange, with immediate effect.
It also directed banks to expose any individual and entity running such accounts, warning that failure to adhere to the directives would attract strict sanctions.
The apex bank in the circular, cautioned deposit money banks (DMBs), non-bank financial institutions (NBFIs) and other financial institutions (OFIs) and members of the public on the risk associated with transactions in cryptocurrency.