Interswitch Group one of Africa’s leading financial technology 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 new licensing categories for participants in the Nigerian Payments System.
By virtue of the development, which was formally communicated on Friday, January 13, 2023 by the apex bank, Interswitch essentially becomes one of the inaugural licensees by the CBN in this category.
According to the regulator, the PSHC regulation requires companies with existing or prospective operations across multiple license categories to set up a payments service holding company (PSHC). The activities of each of the PSHC subsidiaries operating within those respective licensing regimes are clearly delineated, for clearer accountability, effective risk management and the enablement of better regulatory oversight by the CBN.
The statement from Interswitch also outlines that Interswitch’s Group Holding Company retains ownership of the PSHC in Nigeria as well as its other subsidiaries outside of Africa.