CBN Sets Capital Base Of N5bn For Mobile Money Licenses

The Central Bank of Nigeria has said it will grant more licences for payment service banks but set a minimum capital base of N5billion which could deter telecom firms and some other potential new entrants to the digital financial services sector.

The apex bank, in a circular added that telecom firms, banking agents, retail chains and postal services can apply for licences to become payment banks.

To do so, they must set up a separate company for it with a minimum capital of N5 billion and run it as an independent entity from their operations.

The bank has granted three licences so far, one to 9PSB, a unit of local telecom firm, 9mobile, and two others.

– TVC News