Interswitch Secures CBN’s Payment Service Holding Company License

Nosa Alekhuogie

Interswitch Group 1 of Africa’s starring fiscal exertion and integrated payments solution providers has announced receipt of a Payments Service Holding Company (PSHC) License issued by the Central Bank of Nigeria (CBN).

This follows an earlier announcement by the CBN regarding caller licensing categories for participants successful the Nigerian Payments System.

By virtuousness of the development, which was formally communicated connected Friday, January 13, 2023 by the apex bank, Interswitch fundamentally becomes 1 of the inaugural licensees by the CBN successful this category.

According to the regulator, the PSHC regularisation requires companies with existing oregon prospective operations crossed aggregate licence categories to acceptable up a payments work holding institution (PSHC). The activities of each of the PSHC subsidiaries operating wrong those respective licensing regimes are intelligibly delineated, for clearer accountability, effectual hazard absorption and the enablement of amended regulatory oversight by the CBN.

The connection from Interswitch besides outlines that Interswitch’s Group Holding Company retains ownership of the PSHC successful Nigeria arsenic good arsenic its different subsidiaries extracurricular of Africa.