The Central Bank of Nigeria (CBN) on Thursday issued guidelines for licensing, regulation and operation of payment service banks (PSBs) in the country.
The Director, financial policy and regulation department of the regulatory body, Kevin Amuga, said the guidelines were in furtherance of the apex bank’s effort to leverage on technology to promote financial inclusion, enhance access to financial services to the rural poor, low income earners and financially excluded in the society.
In line with the National Financial Inclusion Strategy (NFIS), the CBN seeks to ensure over 80 per cent of the bankable adults in Nigeria have access to financial services by 2020.
Despite several initiatives, including Introduction of microfinance banking, agency banking, tiered know-your-customer requirements and mobile money operation (MMO) in pursuit of the objective, the CBN noted inclusion rate remains below expectation.
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