{"id":33352,"date":"2020-12-11T17:14:47","date_gmt":"2020-12-11T17:14:47","guid":{"rendered":"https:\/\/www.africa-press.com\/nigeria\/?p=33352"},"modified":"2020-12-11T17:14:47","modified_gmt":"2020-12-11T17:14:47","slug":"cbn-releases-new-categorisation-for-payment-system-in-nigeria","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-releases-new-categorisation-for-payment-system-in-nigeria","title":{"rendered":"CBN releases new categorisation for payment system in Nigeria"},"content":{"rendered":"

Africa-Press<\/a> – Nigeria<\/a>. <\/strong><\/span>The Central Bank of Nigeria (CBN) has approved new license categorisations for payments systems across the country.<\/p>\n

A circular signed by Mr Musa Jimoh, Director, Payments System Management Department of the apex bank, on Thursday said the new framework offers clarity for new and existing market participants.<\/p>\n

\u201cGiven the significant evolution and innovation in the Nigerian payment system, all payment service providers and stakeholders are invited to note the following in this regards:<\/p>\n

\u201cPayments system licensing has been streamlined according to permissible activities in four broad categories.<\/p>\n

\u201cThe categories are Switching and Processing, Mobile Money Operations (MNOs), Payment Service Solutions (PSSs) and Regulatory Sandbox,\u201d he said.<\/p>\n

Jimoh explained that only MMOs were permitted to hold customer funds, adding that companies with licenses within any of the other categories were not permitted to hold customer funds.<\/p>\n

He said the companies seeking to combine activities under the switching and MMO categories were only permitted to operate under a holding company structure with subsidiaries clearly delineated.<\/p>\n

\u201cPayments system companies in the PSS category may hold any of the PSSP, PTSP, and Super Agent licences or a combination of the licences thereof.<\/p>\n

\u201cAll payment service providers and stakeholders in the payments system are required to ensure strict compliance with these requirements and all other payment system regulations,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. The Central Bank of Nigeria (CBN) has approved new license categorisations for payments systems across the country. A circular signed by Mr Musa Jimoh, Director, Payments System Management Department of the apex bank, on Thursday said the new framework offers clarity for new and existing market participants. \u201cGiven the significant evolution and […]<\/p>\n","protected":false},"author":84,"featured_media":33351,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15,28,26],"tags":[1570,503,254],"class_list":["post-33352","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-cbn","tag-nigeria"],"yoast_head":"\nCBN releases new categorisation for payment system in Nigeria - Nigeria<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-releases-new-categorisation-for-payment-system-in-nigeria\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBN releases new categorisation for payment system in Nigeria\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – Nigeria. The Central Bank of Nigeria (CBN) has approved new license categorisations for payments systems across the country. A circular signed by Mr Musa Jimoh, Director, Payments System Management Department of the apex bank, on Thursday said the new framework offers clarity for new and existing market participants. \u201cGiven the significant evolution and […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-releases-new-categorisation-for-payment-system-in-nigeria\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-11T17:14:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/12\/img-5fd3950abb13e.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-releases-new-categorisation-for-payment-system-in-nigeria#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-releases-new-categorisation-for-payment-system-in-nigeria\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"CBN releases new categorisation for payment system in Nigeria\",\"datePublished\":\"2020-12-11T17:14:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-releases-new-categorisation-for-payment-system-in-nigeria\"},\"wordCount\":227,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-releases-new-categorisation-for-payment-system-in-nigeria#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/12\/img-5fd3950abb13e.jpg\",\"keywords\":[\"Africa Press\",\"CBN\",\"Nigeria\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-releases-new-categorisation-for-payment-system-in-nigeria#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-releases-new-categorisation-for-payment-system-in-nigeria\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-releases-new-categorisation-for-payment-system-in-nigeria\",\"name\":\"CBN releases new categorisation for payment system in Nigeria - 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