The Central Bank of Nigeria has fixed N5 billion minimum capital requirement for the Payment Service Banks in the country.
A circular to all stakeholders on the guidelines for licensing and regulation of the PSBs, also gave N500,000 as non-refundable application fee, N2 million non-refundable licensing fee and N1million change of name fee.
In the circular released Thursday, it stated that the CBN might vary the requirements from time to time.
“Promoters should note that in compliance with Banks and Other Financial Institutions Act, the investment of the share capital deposit shall be subject to availability of investment instruments. Upon the grant of licence or otherwise, the CBN shall refund the sum deposited to the applicant, together with the investment income, if any, after deducting administrative expenses and tax on the income,” it stated.
The regulator also said the PSBs were envisioned to facilitate high volume low-value transactions in remittance services, micro-savings and withdrawal services in a secured technology-driven environment to further deepen financial inclusion and help in attaining the policy objective of 20 per cent exclusion rate by 2020.
(National Wire)