has set capital benchmarks for firms involved financial technology and payment operations.
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. 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.
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