2020-08-27 | FPR/DIR/GEN/CIR/07/060

Guidelines for Licensing and Regulation of Payment Service Banks in Nigeria

The Central Bank of Nigeria (CBN) has issued updated guidelines for licensing and regulating Payment Service Banks (PSBs) in the country. The guidelines outline the structure, permissible and non-permissible activities, eligible promoters, licensing requirements, and financial requirements for PSBs. PSBs are expected to enhance financial inclusion by providing deposit, payment, and remittance services to small businesses and low-income households. The minimum capital requirement for PSBs is set at ₦5,000,000,000.00, with additional fees for applications and licensing. CBN will supervise PSBs and has outlined Know Your Customer (KYC), consumer protection, and risk management requirements.

Nigeria

Central Bank of Nigeria

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