The Central Financial institution of Nigeria has set new capital necessities for cost companies within the nation.
The CBN disclosed the capital necessities in a round on Monday titled ‘New license necessities for the funds system’.
The CBN acknowledged that to have a Cost Terminal Service Supplier licence, a agency was required to have N100m shareholders’ funds unimpaired by losses.
It retained tremendous agent’s licence at N50m; Switching and Processing agency’s licence at N2bn; Cell Cash Operator’s licence at N2bn; Cost Answer Providers at N250m and Cost Answer Service Supplier at N100m.
The CBN specified non-refundable utility payment of N100,000 by way of the licensing charges.
In line with the capital necessities, the cost companies will need to have an escrow of refundable N2bn into CBN PSP share capital deposit account.
It acknowledged that the deposit for escrow have to be in full (one lump sum) and have to be made within the identify of the corporate making use of for licence (not a person or associated firm).
The CBN acknowledged that escrowed funds had been invested in treasury payments, topic to availability of treasury devices, which might be refunded accordingly.
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