2018-11-01 | FPR/DIR/GEN/CIR/07/018

Guidelines for Licensing and Regulation of Payment Service Banks in Nigeria

The Central Bank of Nigeria (CBN) has issued guidelines for licensing and regulating Payment Service Banks (PSBs) in the country. The aim is to promote financial inclusion and enhance access to financial services for low-income earners and unbanked populations. PSBs will leverage technology to provide services such as accepting deposits, remittance services, issuing debit and prepaid cards, and more. The CBN will supervise PSBs, and they must comply with relevant laws and regulations, including those related to Know Your Customer (KYC) and Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT).

Nigeria

Central Bank of Nigeria

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