CBN approves new license categorizations for payment systems
The Central Bank of Nigeria (CBN) has approved a new license categorization system for the Nigerian Payment System. The apex bank made this known in a press release published on its website and dated 9th December 2020. According to the CBN, the license categorization is meant to help promote a strong and credible payment system and offers “clarity for new and existing market participants, given the significant evolution and innovation in the Nigerian payments system.” The central bank appears to be updating its regulations amidst the new wave of FinTechs in the country offering varying b...
Source: nairametrics.com