Guidelines For Payments System Firms Released By Nigeria’s Central Bank

The Central Bank of Nigeria (CBN) has released the guidelines for licensing and regulation of Payments System Holding Companies (PSHC), stressing that companies must exist as non-operating entities within the financial ecosystem. The guideline is a follow-up to an earlier template on new license categorisation, which required companies with an interest in switching/processing and mobile money service to set up holding structures. In an accompanying circular issued on Tuesday August 3, 2021, and signed by the Director, Payments System Management Department, Musa Jimoh, the CBN insisted that PSHC must maintain…

Read More