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CBN stipulates N5bn minimum capital requirement for service banks
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CBN stipulates N5bn minimum capital requirement for service banks

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The Central Bank of Nigeria has stipulated N5bn minimum capital requirement for the Payment Service Banks in the country.

In a circular to all stakeholders on the guidelines for licensing and regulation of the Payment Service Banks, the CBN also gave N500,000 as non-refundable application fee, N2m non-refundable licensing fee, and N1m change of name fee.

The Payment Service Banks were envisioned to facilitate high volume, low-value transactions in remittance, micro-savings services in a technology-driven environment to deepen financial inclusion and achieve policy objective of 20 percent exclusion rate by 2020.

The CBN says the requirements for the PSBs may be reviewed from time to time.

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