CBN releases categorisation for payment system

Spread the love

The Central Bank of Nigeria (CBN), in line with its commitment to promote a strong and credible payment system, has approved new license categorisations for the payments system.

 

A circular signed by Mr Musa Jimoh, Director, Payments System Management Department of the apex bank, states that the new framework offers clarity for new and existing market participants.

“Given the significant evolution and innovation in the Nigerian payment system, all payment service providers and stakeholders are invited to note the following in this regards:

“Payments system licensing has been streamlined according to permissible activities in four broad categories.

“The categories are Switching and Processing, Mobile Money Operations (MNOs), Payment Service Solutions (PSSs) and Regulatory Sandbox,” he said.

Jimoh stated that only MMOs were permitted to hold customer funds, adding that companies with licenses within any of the other categories were not permitted to hold customer funds.

He said that companies seeking to combine activities under the switching and MMO categories were only permitted to operate under a holden company structure with subsidiaries clearly delineated.

“Payments system companies in the PSS category may hold any of the PSSP, PTSP, and Super Agent licence or a combination of the licences thereof.

“All payment service providers and stakeholders in the payments system are required to ensure strict compliance with these requirements and all other payment system regulations,” he said.


Click to Join Our Facebook Group


Call Bridget Edokwe Esq on 08060798767 or send your email to ngbarrister@gmail.com


Alexander Payne: Get these Law books to aid your practice.

The Reports contain valuable and uncommon locus classicus for Legal research, opinion, and advocacy. Grab your copy now!!! Call 07044444999 or 08181999888. Visit our website: www.alexandernigeria.com/

CLICK HERE TO BUY NIGERIAN CURRENT BEST-SELLER ON LAW AND PRACTICE OF COURT MARTIAL IN NIGERIA

Steps To Subscribe To the Court of Appeal Reports Nigeria


Win your Court cases today, Get Affordable Supreme Court Law Reports >> CLICK HERE


BESTSELLER: Get A-Z of contemporary laws of ELECTRONIC EVIDENCE in Nigeria By Alaba Omolaye-Ajileye. To ORDER, sms or call : +2347063666998, +2348159307051 or email jurispublicationseries@gmail.com

%d bloggers like this: