Interswitch Group, one of Africa’s leading financial technology and integrated payments solution providers, has announced receipt of a payments service holding company (PSHC) licence from the Central Bank of Nigeria (CBN).
This follows an earlier announcement by the CBN regarding new licensing categories for participants in the Nigerian payments system. Owing to the development, which was formally communicated recently, Interswitch essentially became one of the inaugural licences by the CBN in this category.
The activities of each of the PSHC subsidiaries operating within those respective licensing regimes are delineated, for clearer accountability, effective risk management and the enablement of better regulatory oversight by the CBN. This development interestingly coincides with Interswitch’s 20th-anniversary commemoration, which has seen the company cement its position as a pioneering and integral enabler that has actively supported the growth and development of fintech and payments progressively across Africa over the last 20 years.
Commenting on this development, Interswitch’s Founder and Group CEO, Mitchell Elegbe, noted: “Twenty years ago, we placed a bet on the latent potential we saw in the introduction of e-payment channels at the time, particularly ATMs for the delivery of cash just-in-time,
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.
Nigeria, India partner to curb fake passports – Aregbesola | The Guardian Nigeria News - Nigeria and World NewsThe Federal Government has expressed its readiness to partner with the Indian Government on total eradication of fake Nigerian passports into India.
Read more »
Three confirmed dead in Rivers collapsed building | The Guardian Nigeria News - Nigeria and World NewsThree persons have been confirmed dead while others sustained injuries in a collapsed two -storey building under construction along Isi Ewu road, Nbodo Community in Ikwerre Local Council of Rivers State.
Read more »
Senator, Rep call out Emefiele over naira redesign | The Guardian Nigeria News - Nigeria and World NewsChairman, House of Representatives Committee on Diaspora, Tolulope Akande-Sadipe, has called out the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, over the new naira policy.
Read more »
Buhari commissions agric machinery, equipment institute in Lafia | The Guardian Nigeria News - Nigeria and World NewsPresident Muhammadu Buhari on Saturday commissioned the National Agency for Science and Engineering Infrastructure (NASENI) to the Agricultural Machinery and Equipment Development Institute (AMEDI), Lafia.
Read more »
Bacardi partners HACEY on environmental awareness | The Guardian Nigeria News - Nigeria and World NewsBacardi in Nigeria, a subsidiary of Bacardi Limited is partnering with a non-profit organisation – HACEY to plant more than 300 trees in Lagos and its environs. The goal of the new programme is to preserve earth’s natural assets and build awareness on how Nigerians can play a key role in building a more sustainable […]
Read more »