Advertisement Musa Jimoh, CBN’s director of payments system management department, announced this in a circular on Tuesday. The guideline requires companies that intend to offer both switching and processing, and mobile money services to set up a PSHC structure. “This arrangement would prevent commingling of activities, facilitate management of risks and enable the Central Bank of Nigeria exercise adequate regulatory oversight on all the companies operating within the Group (PSHC),” the circular reads. Advertisement CBN said promoters of a PSHC shall be required to submit a formal application for the grant of a licence. However, it said the application process will be in two phases: approval-in-principle (AIP) and a final licence.