Newsletter on the Regulatory Framework for Non-Bank Acquiring Services in Nigeria

In 2020, the Central Bank of Nigeria (CBN) issued the Circular on New Licence Categorisation for Nigerian Payments System wherein the CBN signaled that the scope of permissible activities of Switches and Processors includes non-Bank Acquiring Service. However, there were no substantive regulations or guidelines relating to the activities of non-Bank Acquirers in effect at the time (other than the exposure draft previously published by the CBN on the subject matter).

The CBN has now issued the Regulatory Framework for non-Bank Acquiring in Nigeria 2021 which renders provision of acquiring services by any entity other than DMBs, a regulated service and stipulates the minimum standard and requirements for the operations of non-Bank Acquiring in Nigeria. We consider in this newsletter the notable provisions in the Regulatory Framework.

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