The Central Bank of Nigeria (CBN) has pegged capital requirement for mobile money operator to N2 billion.
In a circular released Monday, the apex bank said the operators must have N2 billion shareholder’s funds unimpaired by losses as well as Preceding 3-years audited financial statements of the company.
The apex bank directed that all written application should be addressed to the Director, Payments System Management Department, Central Bank of Nigeria, Abuja, accompanied by evidence of payments of application fee and other documentary requirements.
It said that the N2 billion should be paid into CBN PSP Share Capital Deposit Account in full and one lump sum. Also, the payment must be made in the name of the company applying for licence while escrowed funds are invested in treasury bills, subject to availability of treasury instruments, which would be refunded accordingly.
According to the apex bank, non-refundable application fee of N100,000.00, payable to the CBN via the Licensing Fees for Payment Products Account is required and should be paid before the issuance of the final licence, if successful.
The CBN said approval-in-Principle for six months while commercial licence validity is as determined by the bank renewable upon satisfactory performance of operations.
The apex bank also pegged switching and payment license at N2 billion of shareholders’ funds unimpaired by losses. There is also need for preceding three-years audited financial statements of the company.
Also, the payment must be made in the name of the company
applying for licence while escrowed funds are invested in treasury bills,
subject to availability of treasury instruments, which would be refunded accordingly.
 has pegged capital requirement for mobile money operator to N2 billion.In a circular released Monday,){kind=link}