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Advertisement Concerns persist over digital assets: Although Emefiele spoke about plans to develop a digital currency, he expressed concerns over the uncertainty surrounding digital assets citing the price fluctuations of bitcoin following Elon Musk’s tweets. When you consider his claim that most Nigerians involved in cryptocurrency use it for illegal purposes, one begins to wonder why the CBN plans to introduce a digital currency. Following a quick surge at the beginning of the year, bitcoin prices have taken a hit in recent weeks. The latest devastating dip in the value of cryptocurrencie...

Punch Newspapers Sections 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 Se...

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 requiremen...

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...

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 t...