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New CBN Guidelines For Payment Service Firms

Central Bank of Nigeria's logo is seen on the headquarters building in Abuja, Nigeria January 22, 2018. REUTERS/Afolabi Sotunde - RC1D90C799D0

August 03, (THEWILL) – The Central Bank of Nigeria (CBN) on Tuesday issued new guidelines for the establishment and regulation of Payments Service Holding Companies (PSHCs) in Nigeria.

The apex bank, in a circular issued by its Director, Payments System Management Department, Musa Jimoh, instructed deposit money banks, payments service providers and other financial institutions to take cognisance of new licence categorisation for the Nigerian payments system.

CBN instructed: “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.”

It further urged all stakeholders to ensure strict compliance with the guidelines and all other regulations.