Are you looking for information on Ptsps license requirements in Nigeria? In this article, we shall be revealing the CBN license requirements for Ptsps.
The CBN is the apex regulatory body for payment services in Nigeria including PTSPs.
The requirements to be met before obtaining a license as a PTSP in Nigeria has been defined by the CBN.
These licensing requirements border on capitalization, deposit requirements, documentation, and license validity.
Licensing Requirements For A PTSP License
One hundred billion Naira shareholding fund is unimpaired by losses.
Audit of three years’ financial statement
Deposit of One hundred million Naira to a CBN-designated escrow account which must be in the name of the company applying for the license.
Businesses and objects must include the permissible transactions prescribed by the CBN guideline.
Permissible Activities Of PTSPs In Nigeria
Deployment and Service of POS terminals in Nigeria.
Ownership of POS terminals in Nigeria
Payment Terminal and Application Development Services
• Merchant and Agent Training and related services
In conclusion, the aforementioned requirements have been laid down for anyone desirous of acquiring a PTSP license. These requirements are clear-cut and must be complied with to have a successful application.
References
1 Chike Olisah, “CBN issues new license and capital requirements for FinTechs”, available at, https://nairametrics.com/2021/05/25/cbn-issues-new-licence-and-capital-requirements-for-payment-systems/?amp=1accessed on Feb 8, 2023
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