By Fola James
The Central Bank of Nigeria, CBN has disclosed that payment firms in the country should operate with N50 million minimum capital.
The Godwin Emefiele-led CBN made this known, on Monday, in a circular titled ‘New license requirements for the payments system’.
The apaex stated that to have a Payment Terminal Service Provider, PTSP licence, a firm was required to have N100 million shareholders’ funds unimpaired by losses.
According to the bank super agent’s licence remained at N50 million; Switching and Processing firm’s licence at N2 billion; Mobile Money Operator’s licence at N2 billion; Payment Solution Services at N250 million and Payment Solution Service Provider at N100 million.
The CBN specified non-refundable application fee of N100,000 via the licensing fees.
It stated further that the payment firms must have an escrow of refundable N2 billion into CBN PSP share capital deposit account, while the deposit for escrow must be in full (one lump sum) and must be made in the name of the company applying for licence (not an individual or related company, the bank said.
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