CBN sets N2bn capital, others for payment firms

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The Central Bank of Nigeria has set a minimum capital base for Payment Service Banks and other finance institutions.
The CBN disclosed this in a circular released on Thursday titled ‘New licence categorisations for the Nigerian payment system’ and signed by the Director, Payments System Management Department, Musa Jimoh.
Mobile money operations with operational licence for e-money issuing, wallet creation and management, and pool account were required to have N2bn minimum capital.
Also, switching and processing companies with operational licence for switching, card processing, transactions clearing and settlement agents’ services, non-bank acquiring services, and activities as permissible under super-agent also require N2bn capital.

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