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CBN sets capital base of N5bn for mobile money licenses - TVC NEWS
The apex bank, in a circular added that telecom firms, banking agents, retail chains and postal services can apply for licences to become payment banks.
To do so, they must set up a separate company for it with a minimum capital of N5 billion and run it as an independent entity from their operations.
The bank has granted three licences so far, one to 9PSB, a unit of local telecom firm, 9mobile, and two others.