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ARTICLE · 11 JUNE 2021

Central Bank Of Nigeria Issues New Framework For Payment System Providers

AELEX
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On 9th December 2020, the Central Bank of Nigeria (CBN) the Central Bank of Nigeria (CBN) issued a circular on "New License Categorisations for the Nigerian Payments System" (NPS Circular).

NigeriaFinance and Banking
Olubusola Oyeyosola Diya
Olubusola Oyeyosola Diya
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On 9th December 2020, the Central Bank of Nigeria (CBN) the Central Bank of Nigeria (CBN) issued a circular on "New License Categorisations for the Nigerian Payments System" (NPS Circular).  The NPS Circular set out the different licences, their permissible activities and the share capital requirements. You may access our earlier article on the NPS Circular here.

Subsequently, on 24th May 2021, the Central Bank of Nigeria (CBN) issued new licence requirements (accessible here) for payment systems providers which brought some notable changes to existing requirements.

Under the revised framework, Applicants will be required to present their preceding three-years audited financial statements of the company (if applicable) and the following application and licensing fees apply to all categories of licences:

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