CBN sets N2 billion as capital requirement for fintechs
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...