CBN’S New Licence Requirements for Payments Services: What You Should Know.

On 24 May 2021, the Central Bank of Nigeria (‘CBN’) issued a circular on the new license requirements for the Payment Systems in Nigeria(the ‘Circular’). This is a follow up to its circular dated 9 December 2020issuedto all payment service providers, banks, and other financial institutions wherein the CBN created a new license categorization for the Nigerian payments system.

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