CBN SETS N1M AS APPLICATION FEE FOR PAYMENT SERVICE HOLDING COMPANY LICENCE
By: Nneka Oduada Eze Esq.
The Central Bank of Nigeria (CBN) has approved new license categorizations for participants in the payments system. CBN in its circular released its guidelines for the establishment and regulation of Payments Service Holding Companies (PSHCs) in Nigeria. The guideline is expected to facilitate the regulatory requirement for the operations of a PSHC in the country. The regulation requires companies that wish to operate more than one license category (within the Mobile Money Operations, Switching and Processing, Payment Solution Services ) to set up a Payments Service Holding Company (PSHC), while clearly separating the activities of the subsidiaries.