The Central Bank of Nigeria (CBN) has approved new license categorisations for payments systems across the country.
A circular signed by Mr Musa Jimoh, Director, Payments
System Management Department of the apex bank, on Thursday said 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 explained 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 the companies seeking to combine activities under
the switching and MMO categories were only permitted to operate under a holding
company structure with subsidiaries clearly delineated.
“Payments system companies in the PSS category may hold any
of the PSSP, PTSP, and Super Agent licences 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.
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