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Home Business News

CBN places PSBs on minimum capital requirement of N5 billion

Damilare Famuyiwa by Damilare Famuyiwa
November 2, 2018
in Business News, Company News, Politics
The CBN Building, Abuja - capital inflows

The CBN Building, Abuja

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The Central Bank of Nigeria (CBN), has placed a N5 billion minimum capital requirement for Payment Service Banks (PSB) to operate in Nigeria. The apex bank made this known in a circular to all stakeholders on the guidelines for licensing and regulation of the PSBs.

In the released circular, CBN also gave N500,000 as a non-refundable application fee, N2 million non-refundable licensing fee, and N1 million change of name fee.

“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 a 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.” The circular read.

What you need to know about the PSBs

The CBN had released guidelines on the Licensing and Regulation of Payment Service Banks In Nigeria. The essence of the regulation is to leverage on technology to promote financial inclusion an enhance access to financial services to the rural poor, low-income earners and financially excluded of the society.

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In view of the challenges to effective outreach to rural communities as well as the need to complement the services provided by other licensed entities, the apex bank issues this regulation to provide for the licensing and operations of Payment Service Banks in the country.

PSBs are expected to leverage on mobile and digital channels to enhance financial inclusion and stimulate economic activities at the grassroots through the provision of financial services.

Accordingly, PSBs are 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.


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Tags: CBNPayment Service Banks
Damilare Famuyiwa

Damilare Famuyiwa

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ). Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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