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Obinna Chima The Central Bank of Nigeria (CBN) has revoked the operating licences of seven payment service providers and one payment switching firm. The affected firms are Easifuel Limited, Transaction Processing System (TPS), Grand Towers Limited, Paymaster Limited, E-Revenue Gateway Limited, Eartholeum Network Limited and Globasure Limited. Also, the payment switch licence of 3Line Card Management Limited was revoked. The CBN, in an official gazette signed by its Governor, Mr. Godwin Emefiele, a copy of which was posted on its website yesterday, said the decision was taken because the seven...

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...

Punch Newspapers Sections Nike Popoola The Central Bank of Nigeria has set a minimum capital base for Payment Service Banks and other finance institutions. The CBN disclosed this in a circular released on Thursday titled ‘New licence categorisations for the Nigerian payment system’ and signed by the Director, Payments System Management Department, Musa Jimoh. Mobile money operations with operational licence for e-money issuing, wallet creation and management, and pool account were required to have N2bn minimum capital. Also, switching and processing companies with operational licence for ...

Vanguard News CBN rolls out new licence regime for payment systems On MONEY MARKET In a bid to promote a strong and credible payment system in the country, the Central Bank of Nigeria, CBN, has    approved new license categorization for payment systems in Nigeria. In a circular to all Payment Service Providers, Banks and Other Financial institutions issued yesterday, the apex bank noted that payments system licensing has been streamlined according to permissible activities in four broad categories namely: Switching and Processing; Mobile Money Operations (MMOs); Payment Solution Services ...