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CBN Bans Payment Service Banks From Accepting Forex Deposits

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The Central Bank of Nigeria announced that it has banned payment service banks from accepting deposits.

CBN Bans Payment Service Banks From Accepting Forex Deposits
Bans Payment Service Banks From Accepting Forex Deposits

This was contained in a statement by the apex bank in the reviewed guidelines for licensing and regulations of PSBs released on Thursday on its website.

In the new guideline, which is the upgraded version of the circular the CBN issued on October 05, 2018 to all banks, telecommunications firms, Mobile Money Operators and banking agents among others, the apex bank emphasised that PSBs are not allowed to grant any form of loans, advances and guarantees (directly or indirectly).

The document, which was signed by Kevin Amugo, Director, Financial Policy and Regulation Department, CBN, added that the name of PSBs must not include any word that links it to the parent company.

Read the new guideline here

Adelowo Adegboyega
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