On the 9th of December, 2020, the Central Bank of Nigeria ("CBN") issued a circular to all Payment Service Providers, Banks and Other Financial Institutions in Nigeria highlighting.
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Concerns persist over digital assets: Although Emefiele spoke about plans to develop a digital currency, he expressed concerns over the uncertainty surrounding digital assets citing the price fluctuations of bitcoin following Elon Musk’s tweets.
When you consider his claim that most Nigerians involved in cryptocurrency use it for illegal purposes, one begins to wonder why the CBN plans to introduce a digital currency.
Following a quick surge at the beginning of the year, bitcoin prices have taken a hit in recent weeks. The latest devastating dip in the value of cryptocurrencies is still fresh in our memories, but it isn’t the worst the market has seen.
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The Central Bank of Nigeria has set new capital requirements for payment firms in the country.
The CBN disclosed the capital requirements in a circular on Monday titled ‘New license requirements for the payments system’.
The CBN stated that to have a Payment Terminal Service Provider licence, a firm was required to have N100m shareholders’ funds unimpaired by losses.
It retained super agent’s licence at N50m; Switching and Processing firm’s licence at N2bn; Mobile Money Operator’s licence at N2bn; Payment Solution Services at N250m and Payment Solution Service Provider at N100m.
By James Emejo
The Central Bank of Nigeria (CBN) yesterday issued a new licence requirements for payment systems, increasing the minimum capital requirements for Payment Solutions Service Providers (PSSPs) to N250 million from N100 million.
The new framework also reviewed downward, the capital requirements for licensing of Payment Solution Services (PSSs) to N100 million from N250 million.
Capital requirement for the Switching and Processing licence remains unchanged at N2 billion, including Mobile Money Operator licence, which was retained at N2 billion.
Others include the capital requirements for the Payment Terminal Service Provider (PTSP) licence, which remains at N100 million.
The Super Agent licence was also maintained at N50 million.