{"id":31971,"date":"2021-07-10T09:35:22","date_gmt":"2021-07-10T08:35:22","guid":{"rendered":"https:\/\/thefreezonechannel.com\/?p=31971"},"modified":"2021-10-07T00:43:20","modified_gmt":"2021-10-07T00:43:20","slug":"cbn-releases-framework-for-payment-service-banks","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/cbn-releases-framework-for-payment-service-banks\/","title":{"rendered":"CBN releases framework for payment service banks"},"content":{"rendered":"<p>The Central of Nigeria (CBN) has released the Guidelines for the Licensing and Regulation of Payment Service Banks (PSBs) in Nigeria.<br \/>\nInformation obtained in the apex bank\u2019s website indicated that the guidelines was first issued in 2018 and revised in 2020.<br \/>\nIt stated that the PSBs were expected to leverage on technology to provide services that would be easily accessed by the unbanked population and those in hard-to reach areas of the country.<br \/>\n\u201cThis framework hereby provides a set of regulations that are targeted at streamlining operations of PSBs, ensuring transparency in their operations as well as ensuring adequate customer protection.<br \/>\n\u201cThe framework focuses on corporate governance, risks management of the PSBs and safety of funds to the consumers of the PSBs\u2019 products.<br \/>\n\u201cThis framework also aims to ensure that sound risk management practices are embedded in the operations of the PSBs,\u2019\u2019 it said.<br \/>\nThe apex bank further explained that PSBs were required to comply with relevant extant regulations and CBN\u2019s prudential guidelines and circulars which were issued periodically.<br \/>\n\u201c They shall use the words \u201cPayment Service Bank\u201d in their names to differentiate them from other banks.<br \/>\n\u201c However, the name of a PSB shall not include any word that links it to its parent company or promoter,\u2019\u2019 it said.<br \/>\nCBN listed other guidelines as follows -\u201cThey shall operate mostly in the rural areas and unbanked locations targeting financially excluded persons with not less than 25 per cent financial service touch points in such rural areas as defined by the CBN from time to time.<br \/>\n\u201cEnter into direct partnership with card scheme operators. Such cards shall not be eligible for foreign currency transactions.<br \/>\n\u201cDeploy ATMs in some of these areas; deploy Point of Sale devices; and be at liberty to operate through banking.<br \/>\n\u201cRoll out agent networks with the prior approval of the CBN; use other channels including electronic platforms to reach-out to its customers; establish coordinating centres in clusters of outlets to superintend and control  activities of the various financial service touch points and banking agents.\u2019\u2019<\/p>\n<!--themify_builder_content-->\n<div id=\"themify_builder_content-31971\" data-postid=\"31971\" class=\"themify_builder_content themify_builder_content-31971 themify_builder tf_clear\">\n    <\/div>\n<!--\/themify_builder_content-->\n","protected":false},"excerpt":{"rendered":"<p>The Central of Nigeria (CBN) has released the Guidelines for the Licensing and Regulation of Payment Service Banks (PSBs) in Nigeria. Information obtained in the apex bank\u2019s website indicated that the guidelines was first issued in 2018 and revised in 2020. It stated that the PSBs were expected to leverage on technology to provide services [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":26132,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[125],"tags":[251,185],"class_list":["post-31971","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-money","tag-banks","tag-cbn","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CBN releases framework for payment service banks - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/cbn-releases-framework-for-payment-service-banks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBN releases framework for payment service banks - The Freezone Channel\" \/>\n<meta property=\"og:description\" content=\"The Central of Nigeria (CBN) has released the Guidelines for the Licensing and Regulation of Payment Service Banks (PSBs) in Nigeria. Information obtained in the apex bank\u2019s website indicated that the guidelines was first issued in 2018 and revised in 2020. It stated that the PSBs were expected to leverage on technology to provide services [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thefreezonechannel.com\/old\/cbn-releases-framework-for-payment-service-banks\/\" \/>\n<meta property=\"og:site_name\" content=\"The Freezone Channel\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-10T08:35:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-10-07T00:43:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/thefreezonechannel.com\/old\/wp-content\/uploads\/2020\/11\/banks-Nigeria.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"350\" \/>\n\t<meta property=\"og:image:height\" content=\"200\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"The Freezone Channel\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"The Freezone Channel\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thefreezonechannel.com\/old\/cbn-releases-framework-for-payment-service-banks\/\",\"url\":\"https:\/\/thefreezonechannel.com\/old\/cbn-releases-framework-for-payment-service-banks\/\",\"name\":\"CBN releases framework for payment service banks - The Freezone Channel\",\"isPartOf\":{\"@id\":\"https:\/\/thefreezonechannel.com\/old\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/thefreezonechannel.com\/old\/cbn-releases-framework-for-payment-service-banks\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/thefreezonechannel.com\/old\/cbn-releases-framework-for-payment-service-banks\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/thefreezonechannel.com\/old\/wp-content\/uploads\/2020\/11\/banks-Nigeria.jpg\",\"datePublished\":\"2021-07-10T08:35:22+00:00\",\"dateModified\":\"2021-10-07T00:43:20+00:00\",\"author\":{\"@id\":\"https:\/\/thefreezonechannel.com\/old\/#\/schema\/person\/96bf776ac18c24b9af3209b53d6372d3\"},\"breadcrumb\":{\"@id\":\"https:\/\/thefreezonechannel.com\/old\/cbn-releases-framework-for-payment-service-banks\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/thefreezonechannel.com\/old\/cbn-releases-framework-for-payment-service-banks\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/thefreezonechannel.com\/old\/cbn-releases-framework-for-payment-service-banks\/#primaryimage\",\"url\":\"https:\/\/thefreezonechannel.com\/old\/wp-content\/uploads\/2020\/11\/banks-Nigeria.jpg\",\"contentUrl\":\"https:\/\/thefreezonechannel.com\/old\/wp-content\/uploads\/2020\/11\/banks-Nigeria.jpg\",\"width\":350,\"height\":200},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/thefreezonechannel.com\/old\/cbn-releases-framework-for-payment-service-banks\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/thefreezonechannel.com\/old\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"CBN releases framework for payment service banks\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/thefreezonechannel.com\/old\/#website\",\"url\":\"https:\/\/thefreezonechannel.com\/old\/\",\"name\":\"The Freezone Channel\",\"description\":\"The Freezone Channel\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/thefreezonechannel.com\/old\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/thefreezonechannel.com\/old\/#\/schema\/person\/96bf776ac18c24b9af3209b53d6372d3\",\"name\":\"The Freezone Channel\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/thefreezonechannel.com\/old\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/3f4e6030bdb5805ae43cd1d477fe145bf335374d0d4cf5fc6df5a21a74c2c20f?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/3f4e6030bdb5805ae43cd1d477fe145bf335374d0d4cf5fc6df5a21a74c2c20f?s=96&d=mm&r=g\",\"caption\":\"The Freezone Channel\"},\"sameAs\":[\"https:\/\/thefreezonechannel.com\"],\"url\":\"https:\/\/thefreezonechannel.com\/old\/author\/fzmainadmin\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"CBN releases framework for payment service banks - The Freezone Channel","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/thefreezonechannel.com\/old\/cbn-releases-framework-for-payment-service-banks\/","og_locale":"en_US","og_type":"article","og_title":"CBN releases framework for payment service banks - The Freezone Channel","og_description":"The Central of Nigeria (CBN) has released the Guidelines for the Licensing and Regulation of Payment Service Banks (PSBs) in Nigeria. Information obtained in the apex bank\u2019s website indicated that the guidelines was first issued in 2018 and revised in 2020. It stated that the PSBs were expected to leverage on technology to provide services [&hellip;]","og_url":"https:\/\/thefreezonechannel.com\/old\/cbn-releases-framework-for-payment-service-banks\/","og_site_name":"The Freezone Channel","article_published_time":"2021-07-10T08:35:22+00:00","article_modified_time":"2021-10-07T00:43:20+00:00","og_image":[{"width":350,"height":200,"url":"https:\/\/thefreezonechannel.com\/old\/wp-content\/uploads\/2020\/11\/banks-Nigeria.jpg","type":"image\/jpeg"}],"author":"The Freezone Channel","twitter_card":"summary_large_image","twitter_misc":{"Written by":"The Freezone Channel","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/thefreezonechannel.com\/old\/cbn-releases-framework-for-payment-service-banks\/","url":"https:\/\/thefreezonechannel.com\/old\/cbn-releases-framework-for-payment-service-banks\/","name":"CBN releases framework for payment service banks - The Freezone Channel","isPartOf":{"@id":"https:\/\/thefreezonechannel.com\/old\/#website"},"primaryImageOfPage":{"@id":"https:\/\/thefreezonechannel.com\/old\/cbn-releases-framework-for-payment-service-banks\/#primaryimage"},"image":{"@id":"https:\/\/thefreezonechannel.com\/old\/cbn-releases-framework-for-payment-service-banks\/#primaryimage"},"thumbnailUrl":"https:\/\/thefreezonechannel.com\/old\/wp-content\/uploads\/2020\/11\/banks-Nigeria.jpg","datePublished":"2021-07-10T08:35:22+00:00","dateModified":"2021-10-07T00:43:20+00:00","author":{"@id":"https:\/\/thefreezonechannel.com\/old\/#\/schema\/person\/96bf776ac18c24b9af3209b53d6372d3"},"breadcrumb":{"@id":"https:\/\/thefreezonechannel.com\/old\/cbn-releases-framework-for-payment-service-banks\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/thefreezonechannel.com\/old\/cbn-releases-framework-for-payment-service-banks\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/thefreezonechannel.com\/old\/cbn-releases-framework-for-payment-service-banks\/#primaryimage","url":"https:\/\/thefreezonechannel.com\/old\/wp-content\/uploads\/2020\/11\/banks-Nigeria.jpg","contentUrl":"https:\/\/thefreezonechannel.com\/old\/wp-content\/uploads\/2020\/11\/banks-Nigeria.jpg","width":350,"height":200},{"@type":"BreadcrumbList","@id":"https:\/\/thefreezonechannel.com\/old\/cbn-releases-framework-for-payment-service-banks\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/thefreezonechannel.com\/old\/"},{"@type":"ListItem","position":2,"name":"CBN releases framework for payment service banks"}]},{"@type":"WebSite","@id":"https:\/\/thefreezonechannel.com\/old\/#website","url":"https:\/\/thefreezonechannel.com\/old\/","name":"The Freezone Channel","description":"The Freezone Channel","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/thefreezonechannel.com\/old\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/thefreezonechannel.com\/old\/#\/schema\/person\/96bf776ac18c24b9af3209b53d6372d3","name":"The Freezone Channel","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/thefreezonechannel.com\/old\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/3f4e6030bdb5805ae43cd1d477fe145bf335374d0d4cf5fc6df5a21a74c2c20f?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/3f4e6030bdb5805ae43cd1d477fe145bf335374d0d4cf5fc6df5a21a74c2c20f?s=96&d=mm&r=g","caption":"The Freezone Channel"},"sameAs":["https:\/\/thefreezonechannel.com"],"url":"https:\/\/thefreezonechannel.com\/old\/author\/fzmainadmin\/"}]}},"builder_content":"","_links":{"self":[{"href":"https:\/\/thefreezonechannel.com\/old\/wp-json\/wp\/v2\/posts\/31971","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thefreezonechannel.com\/old\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thefreezonechannel.com\/old\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thefreezonechannel.com\/old\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thefreezonechannel.com\/old\/wp-json\/wp\/v2\/comments?post=31971"}],"version-history":[{"count":0,"href":"https:\/\/thefreezonechannel.com\/old\/wp-json\/wp\/v2\/posts\/31971\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thefreezonechannel.com\/old\/wp-json\/wp\/v2\/media\/26132"}],"wp:attachment":[{"href":"https:\/\/thefreezonechannel.com\/old\/wp-json\/wp\/v2\/media?parent=31971"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thefreezonechannel.com\/old\/wp-json\/wp\/v2\/categories?post=31971"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thefreezonechannel.com\/old\/wp-json\/wp\/v2\/tags?post=31971"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}