Regulatory Alerts2018-11-06 | PSM/DIR/GEN/EXP/01/001Exposure Draft on the Regulation for the Operation of Indirect Participants in the Payments System
The Central Bank of Nigeria (CBN) issues an exposure draft on the regulation for the operation of indirect participants in the country's payment system. The regulation aims to standardize the operations of indirect participants, including merchant banks, micro-finance banks, and mobile money operators, by setting out procedures for their effective integration. It outlines the minimum criteria for qualification, general principles governing the relationship between clearing banks and indirect participants, and the obligations of the latter.
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payments