Banks have been asked to disconnect Switches, Payment Solution Service Providers, and Super Agents from the Nigeria Inter-Bank Settlement System Instant Payment Outwards System.
According to the national payment infrastructure company, the listing of non-deposit-taking financial institutions as beneficiaries contravenes the Central Bank of Nigeria guideline on electronic payment.
To operate in Nigeria’s payment ecosystem, operators must get at least one of the following licenses from the CBN, Switching and Processing; Mobile Money Operations; Payment Solution Services; and Regulatory Sandbox. Only MMOs can hold customer funds, according to the CBN.
