On the 24th day of May 2021, the Central Bank of Nigeria (“CBN”) issued a circular which consolidated the requirements for obtaining licences for payments system services in Nigeria (the “New Regime”). Prior to the issuance of the New Regime, the CBN had in December 2020 issued a circular which categorized payment systems licences into four (4); viz; Switching and Processing, Mobile Money Operations, Payment Solution Services, and Regulatory Sandbox. The requirements set out in the New Regime cut across the eligibility of the desiring entity, documentation, minimum capital requirements, documentary requirements, application and licensing fees, licence validity, and contact for the submission of application for the grant of licence. We have set out in this article, the salient provisions of the New Regime as they relate to specific payment systems licences. Click here to see the full article.