• About Us
  • Terms & Conditions
  • Contact Us
Wednesday, February 1, 2023
Investogist
No Result
View All Result
  • Home
  • News
    • All
    • Africa
    • Nigeria
    • World
    Suspected herdsmen ambush Benue policemen, kill DPO

    Suspected herdsmen ambush Benue policemen, kill DPO

    Nigerians will soon know the “actual truth” about Atiku – Gov Wike

    Wike accuses PDP national leaders of sabotage for withdrawing from Rivers suits

    All diaspora remittances must be received by beneficiaries in foreign currency only – CBN

    JUST IN: Banks will accept old naira notes after deadline – Emefiele

    Our agents around Sambisa forest, conducting cash swap – CBN governor Emefiele

    Emefiele an enemy of democracy, wants to cause uprising – APC PCC New Media Director

    Two Nigerians shot dead in renewed xenophobic attacks in South Africa

    Two Nigerians shot dead in renewed xenophobic attacks in South Africa

    JUST IN: We will dialogue with different Russian president – Zelensky

    Ukrainian officials banned from traveling abroad

    Nigeria’s GDP grows 5.01% YoY in real terms in Q2 2021

    The Nigerian Equities Market Opened Positive … As the NGX-ASI up 0.95%

    Tinubu speaks like someone with “incoherent discourse and absence of mind” – PDP

    PDP condemns Tinubu’s ‘sponsored’ attack on Buhari in Kano

    Security features of the new naira notes revealed by the CBN

    DSS intercepts syndicates selling new naira notes, bank officials implicated

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    FG explains why Nigeria’s total debt will rise to N77 trillion by the end of May 2023

    U.S unemployment fell to a five-decade low

    U.S unemployment fell to a five-decade low

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    Nigeria’s total debt rise above N44 trillion – DMO

    FG approves 39 licences for fish importation

    Q3 2022: Nigeria’s total trade stood at N11.6 trn, total export falls nearly 20% QoQ

    Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto

    JUST IN: CBN limits weekly cash withdrawal to N100k

    Law to legalize crypto as a payment method passed in Brazil

    Law to legalize crypto as a payment method passed in Brazil

    Will Nigerians in diaspora be committing an offence if they make a campaign donation?

    Rivers and Oyo State to join others in establishing small claims courts

    Non-oil sector contributes 93.67% to Nigeria’s GDP in Q2 2022

    Nigeria’s GDP growth slows to 2.25% in Q3 2022, oil sector contribution declines further

    Buhari to unveil new naira notes Wednesday — no longer Dec 15

    Buhari to unveil new naira notes Wednesday — no longer Dec 15

    • Policies
    • Budgets
    • Economic Data
  • Markets
    • All
    • Commodities
    • Cryptocurrencies
    • Forex
    • Rates & Bonds
    • Stocks/Equities
    Equity Market turns bearish… As Value Traded Spikes by 409.01%

    The Local bourse Closed The Week Bearish… As the NGX-ASI fell by 0.18%.

    Local Bourse closed in Bullish Territory… As NGX-ASI at 0.31%

    NGX-ASI Turns Bullish…As Oil & Gas sector closed at a Gain of 1.58%

    The Okomu Oil Palm Plc announces N7.00 interim dividend for H1 2022

    Local Bourse Records 2nd Day Loss…… As NGX-ASI Decreases by 0.02%

    FGN Savings Bond rate rises above 12% in September 2022

    DMO offers N360 bn FGN Bonds for subscription in January

    FY 2020: Nigerian Breweries Plc reports 54.3% decline in profit

    Sellers Sway the Performance of the Equities Market… As NGX-ASI Dips By 0.09%

    MTN Nigeria Communications Plc announces Board Meeting and close period for Q1 2021

    MTN Nigeria set to allot ‘incentive shares’ to shareholders

    Nestle Nigeria Plc announces Board meeting to consider 2020 accounts and dividend

    NGX-ASI Depreciated by 2.03%… As Year-to-Date slides down to 2.62%

    NGX Reg lifts suspension on Trading of Niger Insurance Plc’s shares

    NGX Reg lifts suspension on trading of International Energy Insurance Plc shares

    Nigeria’s GDP grows 5.01% YoY in real terms in Q2 2021

    The Local Bourse Records Gains… As Year-to-Date in closed at 2.68%

    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Business
    • All
    • Agriculture
    • Companies
    • Industry
    • Technology
    MTN Nigeria proposes N23bn Commercial Paper

    MTN Nigeria’s Board of Directors approve payment of N10.00 final dividend for 2022 FY

    Stanbic IBTC Holdings Plc grow profit by 42% to N81bn in 2022

    Stanbic IBTC Holdings Plc grow profit by 42% to N81bn in 2022

    Directors of Geregu Power Plc approve dividend declaration for 2022 FY

    Directors of Geregu Power Plc approve dividend declaration for 2022 FY

    NPF Microfinance Bank Shareholders approve 20k dividend

    NPF Microfinance Bank reports 77.79% growth in Profit for 2022 financial year

    UBA suffers maximum possible loss on NSE as investors dump the stocks

    UBA Africa gets first female CEO

    CAP Plc posts N2.08bn profit in 2022, 85.95% YoY growth

    CAP Plc posts N2.08bn profit in 2022, 85.95% YoY growth

    Zenith Bank’s Board of Directors approve payment of final dividend for 2022

    Zenith Bank’s Board of Directors approve payment of final dividend for 2022

    GlaxoSmithKline Nig. Plc reports N692mn profit for the 2022 financial year

    GlaxoSmithKline Nig. Plc reports N692mn profit for the 2022 financial year

    Cadbury Nigeria Plc’s profit more than doubled in 2022 amid revenue growth

    Cadbury Nigeria Plc’s profit more than doubled in 2022 amid revenue growth

    • Companies
    • Industry
    • Technology
  • Sports
    • Football
  • Opinion & Analysis
    • All
    • Columnists
    • Editorials
    • Investogist Business Saturday
    • Op-ed
    North-West, South-West lead as INEC registers 96.2 million, Rivers overtakes Katsina

    ELECTION: How to check your polling unit, code online

    4 things to consider before buying a laptop

    4 things to consider before buying a laptop

    How to move to Canada by starting a business – Part 1

    How to move to Canada by starting a business – Part 2

    How to move to Canada by starting a business – Part 1

    How to move to Canada by starting a business – Part 1

    Building a Successful Business Organization: Lessons from the Bible

    Building a Successful Business Organization: Lessons from the Bible

    2023 Bible Lessons on Setting your Financial/Investment Goals

    2023 Bible Lessons on Setting your Financial/Investment Goals

    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

    37 years between the Buhari regimes… Economic lamentations remain the same

    37 years between the Buhari regimes… Economic lamentations remain the same

    FACT CHECK: Did Buhari inherit lowest oil production as Tinubu claims?

    FACT CHECK: Did Buhari inherit lowest oil production as Tinubu claims?

    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Financial Education
  • Vacancies
  • Home
  • News
    • All
    • Africa
    • Nigeria
    • World
    Suspected herdsmen ambush Benue policemen, kill DPO

    Suspected herdsmen ambush Benue policemen, kill DPO

    Nigerians will soon know the “actual truth” about Atiku – Gov Wike

    Wike accuses PDP national leaders of sabotage for withdrawing from Rivers suits

    All diaspora remittances must be received by beneficiaries in foreign currency only – CBN

    JUST IN: Banks will accept old naira notes after deadline – Emefiele

    Our agents around Sambisa forest, conducting cash swap – CBN governor Emefiele

    Emefiele an enemy of democracy, wants to cause uprising – APC PCC New Media Director

    Two Nigerians shot dead in renewed xenophobic attacks in South Africa

    Two Nigerians shot dead in renewed xenophobic attacks in South Africa

    JUST IN: We will dialogue with different Russian president – Zelensky

    Ukrainian officials banned from traveling abroad

    Nigeria’s GDP grows 5.01% YoY in real terms in Q2 2021

    The Nigerian Equities Market Opened Positive … As the NGX-ASI up 0.95%

    Tinubu speaks like someone with “incoherent discourse and absence of mind” – PDP

    PDP condemns Tinubu’s ‘sponsored’ attack on Buhari in Kano

    Security features of the new naira notes revealed by the CBN

    DSS intercepts syndicates selling new naira notes, bank officials implicated

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    FG explains why Nigeria’s total debt will rise to N77 trillion by the end of May 2023

    U.S unemployment fell to a five-decade low

    U.S unemployment fell to a five-decade low

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    Nigeria’s total debt rise above N44 trillion – DMO

    FG approves 39 licences for fish importation

    Q3 2022: Nigeria’s total trade stood at N11.6 trn, total export falls nearly 20% QoQ

    Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto

    JUST IN: CBN limits weekly cash withdrawal to N100k

    Law to legalize crypto as a payment method passed in Brazil

    Law to legalize crypto as a payment method passed in Brazil

    Will Nigerians in diaspora be committing an offence if they make a campaign donation?

    Rivers and Oyo State to join others in establishing small claims courts

    Non-oil sector contributes 93.67% to Nigeria’s GDP in Q2 2022

    Nigeria’s GDP growth slows to 2.25% in Q3 2022, oil sector contribution declines further

    Buhari to unveil new naira notes Wednesday — no longer Dec 15

    Buhari to unveil new naira notes Wednesday — no longer Dec 15

    • Policies
    • Budgets
    • Economic Data
  • Markets
    • All
    • Commodities
    • Cryptocurrencies
    • Forex
    • Rates & Bonds
    • Stocks/Equities
    Equity Market turns bearish… As Value Traded Spikes by 409.01%

    The Local bourse Closed The Week Bearish… As the NGX-ASI fell by 0.18%.

    Local Bourse closed in Bullish Territory… As NGX-ASI at 0.31%

    NGX-ASI Turns Bullish…As Oil & Gas sector closed at a Gain of 1.58%

    The Okomu Oil Palm Plc announces N7.00 interim dividend for H1 2022

    Local Bourse Records 2nd Day Loss…… As NGX-ASI Decreases by 0.02%

    FGN Savings Bond rate rises above 12% in September 2022

    DMO offers N360 bn FGN Bonds for subscription in January

    FY 2020: Nigerian Breweries Plc reports 54.3% decline in profit

    Sellers Sway the Performance of the Equities Market… As NGX-ASI Dips By 0.09%

    MTN Nigeria Communications Plc announces Board Meeting and close period for Q1 2021

    MTN Nigeria set to allot ‘incentive shares’ to shareholders

    Nestle Nigeria Plc announces Board meeting to consider 2020 accounts and dividend

    NGX-ASI Depreciated by 2.03%… As Year-to-Date slides down to 2.62%

    NGX Reg lifts suspension on Trading of Niger Insurance Plc’s shares

    NGX Reg lifts suspension on trading of International Energy Insurance Plc shares

    Nigeria’s GDP grows 5.01% YoY in real terms in Q2 2021

    The Local Bourse Records Gains… As Year-to-Date in closed at 2.68%

    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Business
    • All
    • Agriculture
    • Companies
    • Industry
    • Technology
    MTN Nigeria proposes N23bn Commercial Paper

    MTN Nigeria’s Board of Directors approve payment of N10.00 final dividend for 2022 FY

    Stanbic IBTC Holdings Plc grow profit by 42% to N81bn in 2022

    Stanbic IBTC Holdings Plc grow profit by 42% to N81bn in 2022

    Directors of Geregu Power Plc approve dividend declaration for 2022 FY

    Directors of Geregu Power Plc approve dividend declaration for 2022 FY

    NPF Microfinance Bank Shareholders approve 20k dividend

    NPF Microfinance Bank reports 77.79% growth in Profit for 2022 financial year

    UBA suffers maximum possible loss on NSE as investors dump the stocks

    UBA Africa gets first female CEO

    CAP Plc posts N2.08bn profit in 2022, 85.95% YoY growth

    CAP Plc posts N2.08bn profit in 2022, 85.95% YoY growth

    Zenith Bank’s Board of Directors approve payment of final dividend for 2022

    Zenith Bank’s Board of Directors approve payment of final dividend for 2022

    GlaxoSmithKline Nig. Plc reports N692mn profit for the 2022 financial year

    GlaxoSmithKline Nig. Plc reports N692mn profit for the 2022 financial year

    Cadbury Nigeria Plc’s profit more than doubled in 2022 amid revenue growth

    Cadbury Nigeria Plc’s profit more than doubled in 2022 amid revenue growth

    • Companies
    • Industry
    • Technology
  • Sports
    • Football
  • Opinion & Analysis
    • All
    • Columnists
    • Editorials
    • Investogist Business Saturday
    • Op-ed
    North-West, South-West lead as INEC registers 96.2 million, Rivers overtakes Katsina

    ELECTION: How to check your polling unit, code online

    4 things to consider before buying a laptop

    4 things to consider before buying a laptop

    How to move to Canada by starting a business – Part 1

    How to move to Canada by starting a business – Part 2

    How to move to Canada by starting a business – Part 1

    How to move to Canada by starting a business – Part 1

    Building a Successful Business Organization: Lessons from the Bible

    Building a Successful Business Organization: Lessons from the Bible

    2023 Bible Lessons on Setting your Financial/Investment Goals

    2023 Bible Lessons on Setting your Financial/Investment Goals

    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

    37 years between the Buhari regimes… Economic lamentations remain the same

    37 years between the Buhari regimes… Economic lamentations remain the same

    FACT CHECK: Did Buhari inherit lowest oil production as Tinubu claims?

    FACT CHECK: Did Buhari inherit lowest oil production as Tinubu claims?

    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Financial Education
  • Vacancies
No Result
View All Result
Investogist
No Result
View All Result
Home News

CBN releases New Licence Requirements for Payments System

Tuesday, 25 May 2021, 12:11 pm
in News, Nigeria
0
Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto
Share Share Share Share Send as Email

The Central Bank of Nigeria has released new License Requirements for the Payments System in Nigeria – Switching and Processing Licence, Mobile Money Operator Licence, Payment Solution Services (PSS), Payment Terminal Service Provider (PTSP) Licence, Payment Solution Service Provider (PSSP), Super Agent Licence.

Any corporate entity registered by the Corporate Affairs Commission (CAC), with Memorandum and Article of Association (MEMART) is eligible for any of the licences according to the apex bank.

Application and licence fees for any of the licences:

  1. Non-refundable application fee of N100,000.00 (One hundred thousand naira), payable to the CBN via the Licensing Fees for Payment Products Account No. NGN140230089/ABJ.
  2. Licensing fee of N1,000,000.00 to be paid before the issuance of the final licence, if successful.

Licence Validity according to the CBN: “Approval-in-Principle for six (6) Months, Commercial licence validity is as determined by the Bank renewable upon satisfactory performance of operations.  Others, as advised from time to time.”

Capital requirements for the Licences:

Switching and Processing Licence or Mobile Money Operator Licence

Capital Requirement:

  1. N2,000,000,000.00 (shareholders’ funds unimpaired by losses)
  2. Preceding 3-years audited financial statements of the company (If applicable)
  3. Escrow of refundable N2bn into CBN PSP Share Capital Deposit Account No. 1000014009
  4. a) Deposit for escrow must be in full (one lump sum)
  5. b) It must be made in the name of the company applying for licence (not an individual or related company)
  6. c) Escrowed funds are invested in treasury bills, subject to availability of treasury instruments, which would be refunded accordingly

Read also: CBN adopts NAFEX exchange rate on its website

Payment Solution Services (PSS)

Capital Requirement

  1. N250,000,000.00 (shareholders’ funds unimpaired by losses)
  2. Preceding 3-years audited financial statements of the company (If applicable)
  3. Escrow of refundable N250m (for entities applying for the three (3) licences at a time: PSSP – N100m, PTSP – N100m, and Super Agent – N50m) into CBN PSP Share Capital Deposit Account No. 1000014009
  1. Deposit for escrow must be in full (one lump sum)
  2. It must be made in the name of the company applying for licence (not an individual or related company)
  3. Escrowed funds are invested in treasury bills, subject to availability of treasury instruments, which would be refunded accordingly.

Payment Terminal Service Provider (PTSP) Licence or Payment Solution Service Provider (PSSP) Licence

Capital requirement:

  1. N100,000,000.00 (shareholders’ funds unimpaired by losses)
  2. Preceding 3-years audited financial statements of the company (If applicable)
  3. Escrow of refundable N100m into CBN PSP Share Capital Deposit Account No. 1000014009
  1. Deposit for escrow must be in full (one lump sum)
  2. It must be made in the name of the company applying for licence (not an individual or related company)
  3. Escrowed funds are invested in treasury bills, subject to availability of treasury instruments, which would be refunded accordingly.

Super Agent Linence

Capital Requirement

  1. N50,000,000.00 (shareholders’ funds unimpaired by losses)
  2. Preceding 3-years audited financial statements of the company (If applicable)
  3. Escrow of refundable N50m into CBN PSP Share Capital Deposit Account No. 1000014009
  1.  Deposit for escrow must be in full (one lump sum)
  2. It must be made in the name of the company applying for licence (not an individual or related company)
  3. Escrowed funds are invested in treasury bills, subject to availability of treasury instruments, which would be refunded accordingly.

For more details on documents requirement see full document.

 

Ifunanya Ikueze
Ifunanya Ikueze

Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.

Related Posts:

  • NPFL: FG declares LMC illegal, orders NFF to withdraw licence
    NPFL: FG declares LMC illegal, orders NFF to withdraw…
  • CBN grants Greenwich Trust licence to operate as Merchant bank
    CBN grants Greenwich Trust licence to operate as Merchant…
  • FG raises driving licence, vehicle number plate rates by 50%
    FG raises driving licence, vehicle number plate rates by 50%
  • Mastercard to allow cryptocurrency payments on its network this year
    Mastercard to allow cryptocurrency payments on its network…
Previous Post

Paul Onuachu Is Best Player and Top Scorer in Belgium

Next Post

Breaking News: Monetary Policy Rate to remain at 11.5% – CBN

Next Post
Breaking News: Monetary Policy Rate to remain at 11.5% – CBN

Breaking News: Monetary Policy Rate to remain at 11.5% - CBN

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Plugin Install : Widget Tab Post needs JNews - View Counter to be installed
  • Trending
  • Comments
  • Latest
All diaspora remittances must be received by beneficiaries in foreign currency only – CBN

JUST IN: Banks will accept old naira notes after deadline – Emefiele

Two Nigerians shot dead in renewed xenophobic attacks in South Africa

Two Nigerians shot dead in renewed xenophobic attacks in South Africa

Tinubu speaks like someone with “incoherent discourse and absence of mind” – PDP

PDP condemns Tinubu’s ‘sponsored’ attack on Buhari in Kano

vacancy: Montego Upstream Services is recruiting

VACANCY: SPIE Services Nigeria Limited is recruiting

Two Nigerians shot dead in renewed xenophobic attacks in South Africa

Two Nigerians shot dead in renewed xenophobic attacks in South Africa

Our agents around Sambisa forest, conducting cash swap – CBN governor Emefiele

Emefiele an enemy of democracy, wants to cause uprising – APC PCC New Media Director

MTN Nigeria proposes N23bn Commercial Paper

MTN Nigeria’s Board of Directors approve payment of N10.00 final dividend for 2022 FY

Stanbic IBTC Holdings Plc grow profit by 42% to N81bn in 2022

Stanbic IBTC Holdings Plc grow profit by 42% to N81bn in 2022

Suspected herdsmen ambush Benue policemen, kill DPO

Suspected herdsmen ambush Benue policemen, kill DPO

Directors of Geregu Power Plc approve dividend declaration for 2022 FY

Directors of Geregu Power Plc approve dividend declaration for 2022 FY

Investogist
info@investogist.com

Follow us

Categories

  • Africa
  • Agriculture
  • Arts & Culture
  • Budgets
  • Business
  • Columnists
  • Commodities
  • Companies
  • Cryptocurrencies
  • Economic Data
  • Economy
  • Editorials
  • Financial Education
  • Football
  • Forex
  • Industry
  • Investogist Business Saturday
  • Job Opportunities
  • Markets
  • Nature
  • News
  • Nigeria
  • Op-ed
  • Opinion & Analysis
  • Places & People
  • Policies
  • Rates & Bonds
  • Sports
  • Stocks/Equities
  • Technology
  • Travel & Tours
  • Vacancies
  • World

Quick Links

  • News
  • Economy
  • Markets
  • Business
  • Opinion & Analysis
  • Travel & Tours

Newsletter

Copyright © 2023 investogist.com, All Rights Reserved

  • About Us
  • Terms & Conditions
  • Privacy Policy
  • Contact Us
No Result
View All Result
  • Home
  • News
    • Nigeria
    • Africa
    • World
  • Economy
    • Policies
    • Budgets
    • Economic Data
  • Markets
    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Business
    • Companies
    • Industry
    • Technology
  • Sports
    • Football
  • Opinion & Analysis
    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Financial Education
  • Vacancies

Copyright © 2023 investogist.com, All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist