The CBN stated that guidelines cover payment activities of “Mobile Money Operations, Switching and Processing, Payment Solution Services and any other activity as may be approved by the CBN.”
The guidelines also provide clarity on the definition and structure of a PSHC, licensing requirements, ownership and control, corporate governance, permissible and non-permissible activities, as well as supervision. On activities that are permissible, the guidelines stated: “The PSHC can provide broad policy direction, shared services and/or enter into technical or management service contract with any of its subsidiaries, with the prior written approval of the CBN, in respect of the following areas: Human Resources services; Risk Management services; Internal Control services; Compliance services; Information and Communication Technology; Legal services; Facilities ; and, Any other services as may be...
It however prohibited PSHCs from undertaking certain activities such as the establishment, divestment and closure of subsidiaries, without the prior written approval of the CBN. PSHCs are also restricted from holding equities in financial and technological subsidiaries that facilitate and enhance innovative digital financial services, except as listed in Section 5.2.
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