The Central Bank of Nigeria (CBN) has unveiled guidelines for licensing and regulation of payments system holding companies (PSHC), stressing that companies must exist...
The Central Bank of Nigeria has unveiled guidelines for licensing and regulation of payments system holding companies , stressing that companies must exist as non-operating entities in the ecosystem.
In an accompanying circular issued yesterday and signed by the Director, Payments System Management Department, Musa Jimoh, the CBN insisted that PSHC must maintain a minimum of two subsidiaries with a focus on switching and mobile money services.The guideline covered broad areas such as licensing process/requirements, ownership, corporate governance, permissible/non-permissible activities and prudential regulation.
“The PSHC shall be non-operating, existing solely to carry out investment in approved subsidiaries without engaging in the day-to-day management and operations of subsidiaries,” the regulator noted in the new document. Concerning ownership, it stated: “Prior approval of the CBN shall be obtained for any shareholding of five per cent and above, or any change in ownership that results in a change in control of the PSHC.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Seven African exchanges inch towards shared trading | The Guardian Nigeria News - Nigeria and World NewsCross-border trading is set for a lift as the African Securities Exchanges Association (ASEA) has signed a contract to roll out an African Exchanges Linkage Project (AELP) link technology platform for routing orders....
Read more »
Fela the Spirit @ 24 | The Guardian Nigeria News - Nigeria and World NewsLet’s just begin by stating that Fela the Spirit transformed into a higher spirit on this day 24 years ago.
Read more »
West African stakeholders embrace universality of Internet | The Guardian Nigeria News - Nigeria and World NewsStakeholders in the information and communications technology (ICT) sector in West Africa have agreed to embrace the universality of the Internet with the aim of deepening penetration...
Read more »
Pentagon locked down after shooting at subway station | The Guardian Nigeria News - Nigeria and World NewsThe Pentagon went on lockdown Tuesday after a shooting at a bus and subway station just outside the highly secure US military headquarters.
Read more »
| The Guardian Nigeria News - Nigeria and World NewsThe Nigerian Communications Commission has refuted claims that it has renewed the unified access service license of MTN Nigeria. The refutal was made after a news report claimed that the mobile operating license of MTN has been renewed by the Commission for another period of ten years. The online publication which cited regulatory filings by […]
Read more »
EU sanctions Nicaraguan leader's wife, son over repression | The Guardian Nigeria News - Nigeria and World NewsThe EU imposed sanctions Monday on Nicaraguan President Daniel Ortega's wife Rosario Murillo, who is his vice president, as well as one of his sons and six more officials.
Read more »