The Central Bank of Nigeria (CBN) has raised the minimum capital requirement for payment solutions service providers (PSSPs) to N250 million from N100 million.
The apex bank also reviewed the capital requirements for licensing of payment solution services (PSSs) downwards to N100 million from N250 million.
This was contained in a circular streamlined to switching and processing companies; mobile money operations (MMOs), payment solution services (PSSs); payment terminal service providers (PTSPs), PSSPs, and super-agent firms.
According to the new framework, capital requirement for the switching and processing licence remains unchanged at N2 billion, including mobile money operator licence, which was retained at N2 billion, capital requirements for the payment terminal service provider (PTSP) licence remains N100 million while the super-agent licence was also maintained at N50 million.
Requirements for all the listed firms, according to the circular include: “Preceding 3-years audited financial statements of the company (If applicable). Deposit for escrow must be in full (one lump sum). It must be made in the name of the company applying for licence (not an individual or related company). Escrowed funds are invested in treasury bills, subject to availability of treasury instruments, which would be refunded accordingly.
“Non-refundable application fee of N100,000.00 (One hundred thousand naira), payable to the CBN via the Licensing Fees for Payment Products Account. Licensing fee of N1,000,000.00 to be paid before the issuance of the final licence, if successful.”
