The Central Bank of Nigeria CBN discharges categorisation for payment system, in accordance with its obligation to advance a solid and sound payment system, has affirmed new permit categorisations for the payments system.
A roundabout endorsed by Mr. Musa Jimoh, Director, Payments System Management Department of the peak bank, expresses that the new structure offers lucidity for new and existing business sector members.
“Given the significant evolution and innovation in the Nigerian payment system, all payment service providers and stakeholders are invited to note the following in this regards:
“Payments system licensing has been streamlined according to permissible activities in four broad categories.
“The categories are Switching and Processing, Mobile Money Operations (MNOs), Payment Service Solutions (PSSs) and Regulatory Sandbox,” he said.
Jimoh stated that only MMOs were permitted to hold customer funds, adding that companies with licenses within any of the other categories were not permitted to hold customer funds.
He said that companies seeking to combine activities under the switching and MMO categories were only permitted to operate under a holden company structure with subsidiaries clearly delineated.
“Payments system companies in the PSS category may hold any of the PSSP, PTSP, and Super Agent licence or a combination of the licences thereof.
“All payment service organizations and partners in the installments framework are needed to guarantee severe consistence with these necessities and any remaining installment framework guidelines,” he said.