The Central Bank of Nigeria (CBN) on Monday, May 24, 2021, released new permit requirements for Payment Method operators in the nation.
This disclosure is included in a record saying the eligibility standards for each permit category in the nation.
The new license demands create provisions for capitalization of each supported class, documentation, program and permit fee and the permit validity.
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Prospective applicants to Nigeria’s flourishing financial services industry is going to need to grapple with fulfilling the rigorous conditions contained in these licensing conditions. By way of instance, possible FinTechs appearing to take on big GSM businesses as Mobile Money Operators will need to stump up N2 billion in funding needs and escrow a refundable N2 billion together with the Central Bank. For all those looking to choose Paystack, Flutterwave, and Interswitch, they’ll also have to escrow N2 billion together with the Central Bank
