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 13 January 2021 published a Framework on Regulatory Sandbox Operations (‘the Framework’) for a formal process to conduct live tests of new, innovative products, services, delivery channels or business models in a controlled environment subject to appropriate conditions and safeguards. The Framework prescribes the standards of operations of
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