Does anyone have a idea what the licensing requirements are for an e-payments company? How about the technology side (the costs)?

What level?

1. Interswitch, Etranzact level?

2. CashEnvoy, Eyowo level?

3. Onlinenaira, Graphcard level?

4. Pay4me services, money xfer services level?

ask an agent to register THE COMPANY and caculate the cost for you

If you are looking for a turnkey E-payment system, send email at sale@primatronics.eu, although you will handle your naija licensing issue on your own, unless you want to have license in UK

yamakuza:

What level?

1. Interswitch, Etranzact level?

2. CashEnvoy, Eyowo level?

3. Onlinenaira, Graphcard level?

4. Pay4me services, money xfer services level?

Any level but lets start with Graphcard level.

We can offer you the same model as graphcard but with SMSpay module just as http://www.moneybookers.com/app/

Will continue via email.

^^^ Poor judgement Yamakuza. Something is brought up in an open forum and then you intend to take it into a closed one. I must confess that I enjoy some of your posts on business/Money section but this last comment just got me disappointed.

More like the Nigerian way of doing things though. In China they share ideas, In Nigeria we hoard it jealously and do nothing with it.

^ Very funny.

In China or wherever, they EXCHANGE ideas.

One person doesnt talk while others listen.

More like the trend in the Money/Business section where the majority dishes out phone numbers and email addresses on simple issues they could easily provide on the thread.

Take the correction in good faith my friend.

Might reconsider if/when 5 or more people contribute.

Right now i'm pretty low, so cant give much VALUE unless i get some VALUE in exchange.

Okay I get your drift.

1. Interswitch, Etranzact level?
Before a switch can operate in Nigeria, the existing regulations require that it should obtain the prior approval of the CBN. CBN will only licence the following types of companies as switching companies.
1.Deposit Money Banks
2. Consortium of Banks
3.  Agent of a bank or banking consortium, subject to CBN provisions
4. Any other company approved by the CBN

The guidelines and requirements are there in this link. This is a big operation and you will require over N200M to meet licensing fees, Insurance protection, Offices, Offshore back up data centres, system development,servers, Plants, Rent, Project management personnel etc

http://www.cenbank.org/OUT/CIRCULARS/BOD/2009/GUIDELINES%20ON%20TRANSACTIONS%20SWITCHING%20SERVICES.PDF


2. CashEnvoy, Eyowo level?

The regulations are silent on this model primarily because it is new and transactions still go through switching companies already licensed by CBN. You can run this type from a small office. Your major capital expenditure will be office, system development and 1 customer service staff/support staff. N1.5M will cover capital expenses and overheads for at least 2 months.

3. Onlinenaira, Graphcard level?

same as above

4. Pay4me services?
You can run pay4me services from a small office but you need to have a base or dedicated partner abroad. Your major capital expenditure might be system development. N800k will get you a good system and cover office set-up excluding rent but this will depend on your requirements and if you are integrating card payments(N150,000)
5. Money xfer services level
Costs will depend on where you are moving funds from and their destination. Provide more info.

I think the OP is interested in 2 & 3 and luckily for him, the CBN is clueless about this.

The reason i seperated 2 from 3 is that 2 is local while 3 is international.

While CBN might not yet be regulating webpayments in 2, their foreign counterparts have frameworks he might need to be conversant with.

Unfortunately, op is/was unwilling to divulge more information.

@yamakuza
I sent a mail to the addy you gave I didn't get a response.
Call me on the number below.

@1stcitizen
Thanks for the info really appreciated. Call me on the number below.

What we are seeking to do is get in on the cashless economy gig by providing cash cards acceptable in shops, filling stations and so on. If you want a more personal interaction call me on 08186040385

send email to matheworama@gmail.com for e-money payment solution with help in getting license

Ur own email sef dey bounce.

yamakuza: Ur own email sef dey bounce.

Send me sms, I'll call you.

yamakuza: I think the OP is interested in 2 & 3 and luckily for him, the CBN is clueless about this.

The reason i seperated 2 from 3 is that 2 is local while 3 is international.

While CBN might not yet be regulating webpayments in 2, their foreign counterparts have frameworks he might need to be conversant with.

Unfortunately, op is/was unwilling to divulge more information.

2 and 3 don't require regulation. They are merely aggregating payments on behalf of the bigger players, transaction switches, etc.
I wonder why anyone would want to do 2 and 3 commercially anymore. Anybody looking for a payment solution for whatever channel or transaction can work directly with an Interswitch, a Visa, Paypal, or even Google Wallet/Checkout. They have plugins for web and mobile. Payments are a lot easier nowadays.

You have explained it better. Kudos.

1stCitizen: 1. Interswitch, Etranzact level?
Before a switch can operate in Nigeria, the existing regulations require that it should obtain the prior approval of the CBN. CBN will only licence the following types of companies as switching companies.
1.Deposit Money Banks
2. Consortium of Banks
3.  Agent of a bank or banking consortium, subject to CBN provisions
4. Any other company approved by the CBN

The guidelines and requirements are there in this link. This is a big operation and you will require over N200M to meet licensing fees, Insurance protection, Offices, Offshore back up data centres, system development,servers, Plants, Rent, Project management personnel etc

http://www.cenbank.org/OUT/CIRCULARS/BOD/2009/GUIDELINES%20ON%20TRANSACTIONS%20SWITCHING%20SERVICES.PDF


2. CashEnvoy, Eyowo level?

The regulations are silent on this model primarily because it is new and transactions still go through switching companies already licensed by CBN. You can run this type from a small office. Your major capital expenditure will be office, system development and 1 customer service staff/support staff. N1.5M will cover capital expenses and overheads for at least 2 months.

3. Onlinenaira, Graphcard level?

same as above

4. Pay4me services?
You can run pay4me services from a small office but you need to have a base or dedicated partner abroad. Your major capital expenditure might be system development. N800k will get you a good system and cover office set-up excluding rent but this will depend on your requirements and if you are integrating card payments(N150,000)
5. Money xfer services level
Costs will depend on where you are moving funds from and their destination. Provide more info.

AjanleKoko:

2 and 3 don't require regulation. They are merely aggregating payments on behalf of the bigger players, transaction switches, etc.
I wonder why anyone would want to do 2 and 3 commercially anymore. Anybody looking for a payment solution for whatever channel or transaction can work directly with an Interswitch, a Visa, Paypal, or even Google Wallet/Checkout. They have plugins for web and mobile. Payments are a lot easier nowadays.

true that.

Unless he wants to combine 2&3 and start an exchange service by the side.

There's also the wallet concept. A lot of people might not want to use their cards everytime, and might prefer going with an aggregator with multiple funding/withdrawal options as well as escrow.

Do u require licence from CBN to operate a forex trading platform?

I just heard that ibillme.com, will start onbording acquirers soon, or maybe they have started. Also heard its free, i dont understand the model, but i think it is worth the try. they already accept all cards. so im guessing they will integrate you with their back end...

Don

I am interested in this thread

interesting read... anyone with ideas on regulations for an online escrow service in Nigeria?

.