FILE PHOTO: Central Bank of Nigeria’s logo is seen on the headquarters building in Abuja, Nigeria January 22, 2018. REUTERS/Afolabi Sotunde/File Photo – RC1E81C7FA80In line with the Central Bank of Nigeria’s (CBN) commitment to promote a strong and credible payment system in Nigeria, the CBN issued a circular dated 9th December 2020 to all Payment Service Providers, Banks and other Financial Institutions approving new license categorisations for Payment Systems (the “Circular”). The Circular streamlines Payment Systems licenses into four broad categories: Switching and Processing; Mobile Money Operations; Payment Solution Services; and Regulatory Sandbox.
Pursuant to the Circular, the CBN on the 24th of May 2021 issued another circular to consolidate and highlight the requirements for obtaining the Payment System licenses (the “Consolidated Circular”). The Consolidated Circular sets out the licensing requirements, capital requirements, documentation requirements, etc. to process the relevant Payment System licenses.
We have summarised below some of the highlights of the Consolidated Circular.
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