Tuesday, September 28, 2021

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.

• August 4, 2021

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)

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