CBN sets N2bn capital, others for payment firms

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.

Payment Solutions Service Provider with operational licence for payment processing gateway and portals, payment solution/application development, merchant service aggregation and collections are required to have N100m capital.

For Payment Terminal Service Provider with operational licence for PoS terminal deployment and services, PoS terminal ownership, PTAD, merchant/agent training and support, N100m minimum capital was stipulated.

Super-agent firms with operational licence to operate agent recruitment, management and other activities as specified in the regulatory framework for licensing super agents are required to have N50m.

Payment Solution Services firms providing services such as permissible under super agents, PTSPs and PSSPs are to have minimum capital of N250m