The Central Bank of Nigeria (CBN) on Tuesday released guidelines for the establishment and regulation of Payments Service Holding Companies (PSHCs) in Nigeria.

A circular issued by Mr Musa Jimoh, CBN’s Director, Payments System Management Department instructed deposit money banks, payments service providers, and other financial institutions to take cognisance of new license cartigorisation for the Nigerian payments system.

“It requires companies desirous of offering switching and processing services, and mobile money services to set up a PSHC structure such that activities of the subsidiaries are clearly delineated.

“The CBN hereby issues the guidelines to facilitate the understanding of regulatory requirements for operations of PSHC in Nigeria. nan.”