CBN unveils guidelines for payment service holding firms establishment

By: JIMI DAVID

The Central Bank of Nigeria (CBN) has released guidelines for the establishment and regulation of Payments Service Holding Companies (PSHCs) in Nigeria.

This was contained in a circular issued by Mr Musa Jimoh, CBN’s Director, Payments System Management Department.

Jimoh instructed deposit money banks, payments service providers and other financial institutions to take notice of new license categorisation for the Nigerian payments system.

“It requires companies desirous of offering switching and processing services, and mobile money services to set up a PSHC structure such that activities of the subsidiaries are clearly delineated.

“The CBN hereby issues the guidelines to facilitate the understanding of regulatory requirements for operations of PSHC in Nigeria,” he said.

He urged all stakeholders to ensure strict compliance with the guidelines and all other regulations.

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