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Tag Archives: CBN Director of Payments System Management Department

CBN Places Mobile Money Operators on N2Billion Minimum Capital Base

January 5, 2021 Banking and Finance, BUSINESS 0

Central Bank of Nigeria (CBN) has directed in a circular signed by Musa Jimoh, its director, Payments System Management Department that Mobile Money Operators (MMOs) are to maintain a minimum of N2 billion capital base. They have also been authorised by the apex bank to hold customers’ funds under its …

CBN Issues Regulatory Sandbox for Fintech Industry, Safeguard Consumers

July 1, 2020 BUSINESS 0

The Central Bank of Nigeria (CBN) yesterday released the draft framework for the regulation of Sandbox operations. Aimed at controlling innovation in the fintech sector, the new sandbox will contain a formal process for firms and startups to conduct live tests of all-new, innovative products, services, delivery channels or business models …