CBN To Issue Guidelines On Contactless Payment System   The Central Bank of Nigeria (CBN) has revealed that it is set to issue guidelines to promote safe and efficient use of contactless payments across the country. This, according to the apex bank is part of its...

Open Banking: CBN Issues Guidelines for Financial Stability The Central Bank of Nigeria has issued operational guidelines for open banking to ensure stability in the nation’s financial system. The apex bank in a circular referenced, ‘PSM/DIR/PUB/CIR/001/043’, and dated March 7, 2023, said the guidelines would create...

eNaira May Emerge Payment Gateway As CBN Intensifies Adoption     The Central Bank of Nigeria (CBN) is contemplating a series of options to push the adoption of the eNaira, including the possibility of making it a payment gateway. A payment gateway is a technology merchants use to...

CBN Moves To Enhance Transparency In Banking Sector       The Central Bank of Nigeria has directed banks and payment service providers to separate all transactions that would typically be categorised as bulk payment upon transition. The CBN said in a circular on Wednesday that the directive was...

CBN Fixes N2bn Capital For Mobile Money Operators           Mobile Money Operators (MMOs) are to maintain a minimum of N2 billion capital base, the Central Bank of Nigeria (CBN) has directed in a circular signed by its Director, Payments System Management Department, Musa Jimoh. They have also...

CBN Rolls Out New Licence Regime For Payment Systems       In a bid to promote a strong and credible payment system in the country, the Central Bank of Nigeria, CBN, has approved new license categorization for payment systems in Nigeria. In a circular to all Payment Service...