Breaking News

CBN issues guidelines for payments service firms to operate holding structure.

The Central Bank of Nigeria (CBN) on Tuesday  released guidelines for the establishment and regulation of Payments Service Holding Companies (PSHCs) in Nigeria.

This is contained in a circular issued by Mr Musa Jimoh, CBN’s Director, Payments System Management Department.

Jimoh instructed deposit money banks, payments service providers and other financial institutions to take cognisance of new license cartigorisation for the Nigerian payments system.

“It requires companies desirous of offering switching and processing services, and mobile money services to set up a PSHC structure such that activities of the subsidiaries are clearly delineated.

“The CBN hereby issues the guidelines to facilitate the understanding of regulatory requirements for operations of PSHC in Nigeria,” he said.

He urged all stakeholders to ensure strict compliance with the guidelines and all other regulations.

About MediaWaves Editor

Check Also

Huawei, Colleges of Education sign MoU for ICT Academy deployment

Huawei Technologies (Nigeria) Limited and Nigeria’s National Commission for Colleges of Education (NCCE) have signed …

Leave a Reply

Your email address will not be published.