Payment System: CBN issues directive to banks, other financial institutions
The Central Bank of Nigeria (CBN) has released guidelines for establishing and regulating Payments Service Holding Companies in Nigeria.
This is contained in a circular issued on Tuesday by Musa Jimoh, CBN’s Payments System Management Department director.
Mr Jimoh instructed deposit money banks, payments service providers, and other financial institutions to take cognisance of new licence categorisation for the Nigerian payments system.
“It requires companies desirous of offering switching and processing services, and mobile money services to set up a PSHC structure such that activities of the subsidiaries are clearly delineated.
“The CBN, hereby, issues the guidelines to facilitate the understanding of regulatory requirements for operations of PSHC in Nigeria,” he said.
He urged all stakeholders to ensure strict compliance with the guidelines and all other regulations.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
NationWide
Merging Civil Defence with police will worsen Nigeria’s insecurity, FG warned
“It is obvious that persons seeking the merger are ignorant of the roles of NSCDC as a special purpose security vehicle,” a security expert said.
Africa
South Africa’s systemic corruption closely related to ex-President Jacob Zuma’s administration: Report
The report alleged that “high-level political interference has undermined the country’s National Prosecuting Authority from responding to corruption.
Africa
Police corruption big problem in Kenya; security force compromised under President Ruto: U.S. Govt
Not only did the government try to cover up police-related killings, but Kenyan authorities asked medical personnel to keep silent on deaths recorded from police brutality.
NationWide
No one should die of malaria in Africa: WHO
“No one should die from malaria in Africa; indeed, every single malaria death is a death too many because malaria is preventable and treatable,” said WHO.
World
Pilot whales stranded in Western Australia
Pilot whales form extremely close bonds with each other. At certain times of the year, they travel in large pods, which increases the risk of mass stranding.
States
AA slates April 27 for Ondo governorship primary
James Vernimbe, the AA national secretary, announced this in a statement on Thursday.