Emefiele

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. The CBN, in a document released yesterday, stated that 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). For switching and processing licence, documentary requirements under the new payment systems framework include a certificate of incorporation of the company, Memorandum and Articles of Association, Form CAC 2A (Return on Allotment of shares) and Form CAC 7A (Particulars of Directors).
THISDAY