Nigeria’s Central Bank on Thursday approved new license categorization for the payment system with corresponding minimum capital requirements ranging from N50 million to N2 billion.
This is in line with its commitment to promote a strong and credible payment system. The four new licensed categorisation are: switching and processing, Mobile Money Operation (MMO), Payment Solution Services (PSSs), and regulatory sandbox.
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“Only MMOs are permitted to hold customers funds. Companies with licensees within any of the other categories are not allowed to hold customers funds,” Musa Jimo, director, payment system management department said in a circular to all payments service providers, banks, and Other Financial Institutions (OFIs), released on Thursday.
