Interswitch Group, a prominent African provider of financial technology and integrated payments solutions, has received a Payments Service Holding Company (PSHC) License from the Central Bank of Nigeria (CBN). This news comes after the CBN announced new licensing categories for players in the Nigerian Payments System.
The Central Bank of Nigeria (CBN) officially announced on Friday, January 13, 2023, that Interswitch has been granted a Payments Service Holding Company (PSHC) License. This makes Interswitch one of the first companies to receive this license from the CBN.
As per the PSHC regulation issued by the CBN, companies with existing or planned operations across multiple license categories must establish a PSHC. This ensures clear accountability, and effective risk management and allows for better regulatory oversight by the CBN for each of the PSHC subsidiaries operating within those respective licensing regimes.
Interswitch’s statement also highlighted that the Group Holding Company of Interswitch will continue to own the PSHC in Nigeria as well as its other subsidiaries outside of Africa.
Source: ThisDay Live