New Payment System In Nigeria?

Switching and Processing, Mobile Money Operations (MNOs), Payment Service Solutions (PSSs) and Regulatory Sandbox are now the new methods of payments system in Nigeria.

After the Central Bank of Nigeria licensed this, it was made known by Musa Jimoh, the Director of Payments System Management Department of the Central Bank on Thursday.

This new system works with Mobile Money Operations responsible for holding customers funds and companies with license to other categories cannot hold the customers funds while
companies who combine both the switch and the MMO categories are only allowed to function under a holding company structure with subsidiaries clearly presented.

In conclusion to Mr Jimoh’s presentation of this new payment system, he warned that Service Providers should ensure that they strictly comply and adhere to the requirements involved in using this method.

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