Overview of the Updated CBN Guidelines for Payment Service Banks

CBN Guidelines

The CBN, in a bid to promote financial inclusion and enhance access to financial services for low income earners and unbanked segments in society, proposed the establishment and licensing of Payment Service Banks (PSBs) in 2018. Accordingly, the CBN issued the Guidelines for Licensing and Regulation of Payment Service Banks in Nigeria via a circular dated 26.10.18 (the 2018 Guidelines).

In response to recent developments in the fintech sector, the CBN on 27 August 2020, issued a reviewed and updated version of the 2018 Guidelines – the Guidelines for Licensing and Regulation of Payment Service Banks in Nigeria 2020 (the 2020 Guidelines).

The 2020 Guidelines are issued pursuant to the powers conferred on the CBN Governor by the CBN Act 2007 and Banks and Other Financial Institutions Act 1991 (as amended) (BOFIA) and are to guide the operations of licensed PSBs with immediate effect.

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