The world is rapidly shifting into a cashless system. Even with this change, cash is still widely used in most countries, just like in Nigeria where it is the mainstay for a majority of its population of over 200 million people. This means that currency management services, especially with respect […]
On December 10 2020 the Central Bank of Nigeria (CBN) sent a circular dated December 9 2020 to all Payment Service Providers, Banks and Other Financial Institutions on the new License Categorisations for the Nigerian Payment System (the “Circular”). With increased innovation in the Nigerian payments space, the Circular provides clarity for new and existing market participants given significant changes in the payments sub-sector.
In a bid to further its efforts at financial inclusion in Nigeria, the Central Bank of Nigeria (the “CBN“), pursuant to its powers in the Central Bank of Nigeria Act 2007 and the Banks and Other Financial Institutions Act 1991 (as amended), on October 5 2018 introduced the Draft Guidelines […]