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Explainer on CBN’s Payment Service Banks guidelines


On November 17, there was an uproar on “FinTech Twitter” that arose from the tweet of Onyeka Akumah, the CEO of Farmcrowdy—an agritech startup. The poster citing the Central Bank of Nigeria (CBN) read: “FinTech startups must now have a capital requirement of ₦5 Billion before they get their licences”. At the bottom of the…

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