• Are you a Nigerian payment system provider or are you investing in one? Your business may now be categorized as an Other Financial Institution to be regulated by the Central Bank of Nigeria further to the BOFIA 2020. Kindly click for more

  • The Central Bank of Nigeria “CBN” on 5 February 2021 published a circular “2021 Circular” which it titled Letter To All Deposit Money Banks, Non-Bank Financial Institutions And Other Financial Institutions.  By the 2021 Circular, financial institutions are being prohibited from supporting or aiding cryptocurrency transactions The CBN further requires regulated financial institutions to identify

  • The Central Bank of Nigeria (CBN) on 9 December 2020 published the Circular on New License Categorisations for the Nigerian Payment Systems (NLC Circular), which has made it easier to identify the licences that apply to the Nigerian Payments System. Under the NLC Circular payments system licensing has been streamlined into four: Switching and Processing;

  • CBN ISSUES REVISED GUIDELINES FOR PAYMENT SERVICE BANKS On 27 August 2020, The Central Bank of Nigeria (CBN) released the revised Guidelines for Licensing and Regulation of Payment Service Banks (PSBs) in Nigeria ( the Revised Guidelines) to update the 2018 Guidelines for Licensing and Regulation of Payment Service Banks (PSBs) in Nigeria (the 2018