0
Wireless

Nigerian central bank's NGN 5 bln capital requirement for bank licences could deter telecoms firms

Tuesday 1 September 2020 | 10:22 CET | News
Nigeria's central bank said it will grant more licences for payment service banks but has set a minimum capital base of NGN 5 billion, which could deter telecoms firms and some other potential new entrants to the digital financial services sector, Reuters reported. The central bank in a circular said that telecom firms, banking agents, retail chains and postal services could apply for licences to become payment banks. To do so, they must set up a separate company with a minimum capital of NGN 5 billion and run it as an entity independent from their existing operations. 

Thank you for visiting Telecompaper

Sign up below to get access to the rest of this article and all the telecom news you need.

  • Register free and gain access to even more articles from Telecompaper. Register here
  • Subscribe and get unlimited access to Telecompaper’s full coverage, with a customised choice of news, commentary, research and alerts.

Subscriptions

Already registered?



Categories: Mobile & Wireless
Companies: 9Mobile / MTN Nigeria
Countries: Nigeria
::: add a comment

Add comment

Please login or register to leave a comment.

We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the Telecompaper website, they in no way represent the opinion of Telecompaper.


Related

Small World expands payout network in Nigeria

Published 08 Jul 2021 15:58 CET | Nigeria
Global money transfer provider Small World Financial Services ("Small World") has announced that customers in Nigeria can now ...

Ecobank Nigeria introduces money transfer via SMS, WhatsApp

Published 11 Feb 2021 11:07 CET | Nigeria
Ecobank Nigeria says its customers can now transfer funds by email, SMS and Whatsapp via new features on the bank's mobile ...

Central Bank of Nigeria sets NGN 2 bln capital base for mobile money operators

Published 06 Jan 2021 13:53 CET | Nigeria
The Central Bank of Nigeria (CBN) has directed mobile money operators (MMOs) to maintain a minimum capital base of NGN 2 billion, ...

9mobile runs Mega Millions Promo

Published 19 Aug 2020 10:47 CET | Nigeria
Nigerian operator 9mobile has announced the Mega Millions Promo, which will reward 90 customers with NGN 1 million daily, and ...

9mobile brings in e-SIMs

Published 07 Aug 2020 10:19 CET | Nigeria
Nigerian operator 9mobile has brought embedded SIM cards to its network. Acting director of marketing Layi Onafowokan said eSIMs ...

NCC urges arbitration as study finds banks set disproportionate charges for USSD services

Published 23 Jul 2020 11:05 CET | Nigeria
The Nigerian Communications Commission (NCC) has called for an amicable resolution to the discrepancies in USSD charges received ...

Stanbic IBTC upgrades Super App mobile banking functions

Published 21 Jul 2020 10:45 CET | Nigeria
Nigeria's Stanbic IBTC Holdings has upgraded its 'Super App' mobile banking application. It offers the entire range of Stanbic ...

First Bank upgrades mobile banking app

Published 01 Jul 2020 10:19 CET | Nigeria
First Bank of Nigeria has announced that its mobile banking application, FirstMobile, has been upgraded with new features and ...

Sparkle obtains Nigerian banking licence

Published 03 Jun 2020 10:51 CET | Nigeria
Sparkle has launched in Nigeria and has been granted a banking licence from the Central Bank of Nigeria (CBN). Sparkle was ...

MTN Nigeria deploys 108,000 mobile money agents since August

Published 20 Mar 2020 09:24 CET | Nigeria
MTN Nigeria says it has registered about 108,000 mobile money agents across the country since August 2019 when it began the ...





Calendar   /   Industry Events

25 Oct Facebook Q3
25 Oct Dtac Q3 2021
25 Oct Calix Q3 2021
26 Oct F5 Networks fiscal Q4
26 Oct Twitter Q3 2021
26 Oct MediaTek Q3
26 Oct Microsoft fiscal Q1
26 Oct SK hynix Q3
26 Oct Orange group Q3 2021
26 Oct Siminn Q3 2021
26 Oct KPN Q3 2021
26 Oct NENT Q3 2021
26 Oct Juniper Networks Q3 2021
26 Oct Corning Q3
26 Oct TIM Brasil Q3 2021
26 Oct Alphabet Q3 2021
26 Oct Digital Realty Q3
26 Oct MWC Los Angeles
26 Oct Samsung Developer Conference
26 Oct Cabsat
26 Oct FCC meeting
27 Oct Vertiv Q3
27 Oct Netgear Q3
27 Oct Megacable Q3
27 Oct Twilio Q3
27 Oct Telefonica Deutschland Q3 2021
27 Oct TIM Q3 2021
27 Oct Spotify Q3 2021
27 Oct Android Dev Summit
27 Oct Digital Utilities Europe 2021
::: More Calendar Items