The Central Bank of Nigeria (CBN) has released new capital requirements for fintechs in Nigeria.
In a publication on its website, titled New License Requirements for the Payments System, the CBN said those in the top category, dealing with switching and processing, and mobile money operation will pay ₦2 billion ((shareholders’ funds unimpaired by losses).
According to the CBN, the payment must be made in a full single lump sum. Escrowed funds are to be invested in treasury bills, subject to the availability of treasury instruments, which would be refunded accordingly.
The CBN, also listed the capital requirements for other categories including Payment Solution Services (PSS), Payment Terminal Service Provider(PTSP), Payment Solution Service Provider (PSSP) and Super Agent licenses respectively.
The amount to be deposited with the CBN are PSS-₦250 million, PSSP – ₦100 million, PTSP – ₦100 million, and Super Agent – ₦50 million.
“All written applications should be addressed to the Director, Payments System Management Department, Central Bank of Nigeria, Abuja, accompanied by evidence of payments of application fee and other documentary requirements,” the CBN said.
For all of the aforementioned licences, the apex bank said all applicants would be required to pay an application and licensing fee of ₦100,000 (non-refundable) to the CBN, while a licensing fee of ₦1 million is to be paid before the issuance of the final licence, if successful.
