A new license categorisations for payments systems has been approved by the Central Bank of Nigeria, CBN.

This was revealed in a circular signed by Mr Musa Jimoh, Director, Payments System Management Department of the apex bank, on Thursday that the new framework offers clarity for new and existing market participants.

“Given the significant evolution and innovation in the Nigerian payment system, all payment service providers and stakeholders are invited to note the following in this regards:

“Payments system licensing has been streamlined according to permissible activities in four broad categories.

“The categories are Switching and Processing, Mobile Money Operations (MNOs),.............. https://janefblog.com/15737-2new-categorisation-for-payment-system-in-nigeria-released-by-cbn/