By Elizabeth Adegbesan
THE Central Bank of Nigeria, CBN, has issued guidelines for licensing and regulation of Payments Service Holding Companies, PSHCs, in the country.
The apex bank, yesterday, disclosed this in a circular to all Deposits Money Banks, Payment Service Providers and Other Financial Institutions.
The guidelines, stated: “The regulation requires companies desirous of operating more than one licence category, to set up a PSHC, with activities of subsidiaries clearly delineated.
“This arrangement would prevent commingling of activities, facilitate management of risks and enable the CBN exercise adequate regulatory oversight on all the companies operating within the Group.
“The affected regulated payment activities are: Mobile Money Operations, Switching and Processing, Payment Solution Services and any other activity as may be approved by the CBN.”
On activities that are permissible and non permissible, the guidelines stated: “Except as…
Source: Vanguard Newspaper