Central Bank of Nigeria sets capital rules for mobile money licences
Published 01 Sep,2020 via The Nation - THE Central Bank of Nigeria (CBN) said it will grant more licences for payment service banks (PSBs) but set a minimum capital base of N5billion which could deter telecoms firms and some other potential new entrants to the digital financial services sector.
The apex bank, in a circular on Monday, said telecom firms, banking agents, retail chains and postal services could apply for licences to become payment banks. To do so, they must set up a separate company for it with a minimum capital of N5 billion and run it as an independent entity from their operations.
The bank has granted three licences so far, one to 9PSB, a unit of local telecom firm, 9mobile, and two others.
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Lucas Ajanaku