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
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
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.”
Heading 3
FG, governors, responders to finalise plan on 112 emergency call initiative
The federal government is set to implement 112 as Nigeria’s single national emergency number, with plans to engage governors and emergency responders nationwide.
Politics
Edo govt didn’t invite FRSC to participate in LG election: Official
The Federal Road Safety Corps says it will not participate in Saturday’s local government election in Edo because it was not invited.
States
FG executed 70 road projects in Kano in two years: Official
The Federal Ministry of Works says it has executed over 70 road projects in Kano in the last two years.
Sport
Etsu Nupe tells Nigerian youths to embrace horse racing
The Etsu Nupe urged Nigerian youths to embrace horse racing, describing it as a treasured cultural heritage deserving preservation for future generations.
Abuja
Remodelled Abuja City Gate reflects Nigeria’s character, pride, says Tinubu
President Bola Tinubu said on Thursday that the remodelled Abuja City Gate reflects Nigeria’s character and communicates the pride of its people.
Agriculture
Birds destroyed 250 hectares of farmland, Zamfara farmers cry out
Farmers have appealed for urgent government intervention after birds invaded their farms and destroyed crops.
