By Adedoyin Falolu

The apex bank, Central Bank of Nigeria,(CBN) has fixed capital benchmarks for firms involved financial technology and payment operations.

Those in the top category, dealing with switching and processing, as well as mobile money operation, will have a N2 billion shareholders’ funds unimpaired by losses, the regulator announced.

According to a document conveying the guidelines published on the bank’s website on Monday, six categories of payment operators were newly approved by the CBN.

They include those involved in switching and processing, mobile money operators, Payment Solution Services (PSS), Payment Terminal Service Provider,(PTSP), Payment Solution Service Provider (PSSP) and Super-Agent licenses respectively.

The top category will escrow refundable N2 billion into a CBN account. The payment must be made in full single lump sum. Escrowed funds are to be invested in treasury bills, subject to availability of treasury instruments, which would be refunded accordingly.

For PSS, the CBN said an escrow of refundable N250 million must be deposited with the CBN, while for entities applying for the three licenses namely: PSSP – N100 million, PTSP – N100 million, and Super-Agent – N50 million.

“All written applications 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,” the CBN said.

For all of the aforementioned licences, the apex bank said all applicants would be required to pay an application and licensing fee of N100,000 (non-refundable) to the CBN, while a licensing fee of N1 million is to be paid before the issuance of the final licence, if successful.