NIGERIA: CBN issues updated licence and capital requirements for FinTechs

The Central Bank of Nigeria (CBN) has published new license requirements for Payment System operators in the country on May 24th,2021.

The released stated the  eligibility, financial criteria and commitment required  for each license category. The categories listed include the Payment Terminal Service Provider (PTSP), Payment Solutions Service Provider (PSSP), Payment Solution Services (PSS), Super Agent Licence, Mobile Money Operator (MMO), Switch and Processing Licence. 

Major highlight of the new release is the Escrow of refundable share capital in dedicated CBN accounts.

Download copy