Home Money CBN sets new capital requirement for Payment Solutions Service Providers

CBN sets new capital requirement for Payment Solutions Service Providers

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Nigerian Central Bank, Abuja, Nigeria. Image shot 2007. Exact date unknown.

By Chrystal NK Chukwudebe

TUE 25 MAY, 2021-theGBJournal- The Central Bank of Nigeria (CBN) Monday increased the minimum capital requirements for Payment Solutions Service Providers (PSSPs) to N250 million from N100 million, a new framework targeted at any corporate entity registered by the Corporate Affairs Commission (CAC), with Memorandum and Article of Association (MEMART).

The CBN reviewed downward the capital requirements for licensing of Payment Solution Services (PSSs) to N100 million from N250 million while requirement for the Switching and Processing licence was left unchanged at N2 billion, including Mobile Money Operator licence, which was retained at N2 billion.

Payment Terminal Service Provider (PTSP) licence, which remains at N100 million while the Super Agent licence was retained at N50 million.

Meanwhile, for switching and processing licence, documentary requirements include a certificate of incorporation of the company, Memorandum and Articles of Association, Form CAC 2A (Return on Allotment of shares) and Form CAC 7A (Particulars of Directors). Tax Clearance Certificate for three (3) years of the company (if applicable) and Taxpayer Identification Number (TIN) of company and Board Structure-showing at a minimum Chairman, CEO/MD, and at least, one (1) Independent Non-Executive Director and other Director(s), Information Technology policy of the company including Privacy Policy, Information Ownership/Disclosure/Loss Policy and Backup and Restore Policy among other requirements.

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