CBN releases categorisation for fee system
The Central Financial institution of Nigeria (CBN), consistent with its dedication to advertise a powerful and credible fee system, has authorised new license categorisations for the funds system.
A round signed by Mr Musa Jimoh, Director, Funds System Administration Division of the apex financial institution, states that the brand new framework presents readability for brand new and present market individuals.
“Given the numerous evolution and innovation within the Nigerian fee system, all fee service suppliers and stakeholders are invited to notice the next on this regards:
“Funds system licensing has been streamlined in response to permissible actions in 4 broad classes.
“The classes are Switching and Processing, Cellular Cash Operations (MNOs), Fee Service Options (PSSs) and Regulatory Sandbox,” he stated.
Jimoh acknowledged that solely MMOs had been permitted to carry buyer funds, including that corporations with licenses inside any of the opposite classes weren’t permitted to carry buyer funds.
He stated that corporations looking for to mix actions underneath the switching and MMO classes had been solely permitted to function underneath a holden firm construction with subsidiaries clearly delineated.
“Funds system corporations within the PSS class might maintain any of the PSSP, PTSP, and Tremendous Agent licence or a mixture of the licences thereof.
“All fee service suppliers and stakeholders within the funds system are required to make sure strict compliance with these necessities and all different fee system rules,” he stated.
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