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CBN Raises Capital Requirements for Payment Solutions Service Providers to N250m

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 requirements for the Payment Terminal Service Provider (PTSP) licence, which remains at N100 million.
The Super Agent licence was also maintained at N50 million. ....

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CBN issues new licence and capital requirements for payment systems

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 24, 2021, which stated that the eligibility for each licence category was tied to any corporate entity registered by the Corporate Affairs Commission (CAC), with Memorandum and Article of Association (MEMART). ....

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Central Banks Digital Currencies (CBDCs) – a Gift or a Curse?

Central Banks Digital Currencies (CBDCs) – a Gift or a Curse?
nairametrics.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nairametrics.com Daily Mail and Mail on Sunday newspapers.

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'Collaboration Necessary to Deliver Digital Payment Services'

'Collaboration Necessary to Deliver Digital Payment Services'
thisdaylive.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thisdaylive.com Daily Mail and Mail on Sunday newspapers.

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CBN Revokes Licences of Eight Payment Service Providers

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 firms ceased to carry on, in Nigeria, the type of business for which their licences were issued, for a continuous period of six months. ....

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