DEADLINE: 19TH JANUARY, 2023
CENTRAL BANK OF NIGERIA (CBN)
www.cbn.gov.ng
EXPRESSION OF INTEREST TO APPLY FOR PAYMENT TERMINAL SERVICE AGGREGATOR (PTSA) LICENCE

In line with the commitment of the Central Bank of Nigeria (the Bank) to promote a strong and credible payment system, the Bank hereby calls for applications for Payment Terminal Service Aggregator (PTSA) licence.

All applicants are expected to meet the following eligibility criteria/requirements:
a) Possess a valid CBN issued Switching and Processing licence
b) Technical Requirements:
Intending Switching and processing companies need to demonstrate the following technical capabilities:

Real time payment processing

  • High processing capacity
  • Dynamic routing capabilities
  • Strong data encryption protocols
  • Secure data transmission and encryption
  • High scalability and flexibility
  • Analytics and reporting capability
  • Instant settlement capability
  • Average 99% uptime from Jan – Dec 2023
  • Adequate provisions for consistent network monitoring and testing
  • Multilayer Authentication and Role Based Access Control
  • Vulnerability management and remediation plans
  • Demonstrate capacity to certify POS terminals in Nigeria
  • Appropriate measures for protection from cyber-threats
  • Certified to appropriate information security and cybersecurity standards
  • Adequate capacity for storage and easy retrieval of large volumes of payment data
  • Adequate back-up and disaster recovery processes and platforms
  • Robust Terminal Management System (where applicable)
  • Adequate Business Continuity Plan

c) Financial Requirements

  • Ability to meet the additional minimum share capital requirement of Nlbn for the PTSA licence (evidenced by depositing same with the CBN via Real Time Gross Settlement (RTGS) with a copy of advice attached to the application)
  • Submission of audited financial statements of the last three financial years
  • Profit or loss statements for the last three (3) years

d) Documentary Requirements

  • Submission of an expression of Interest letter/application
  • Possession of a valid Switching & Processing licence
  • Submission of a Risk management framework for the PTSA
  • Ensure that adequate AML/CFT/CPF measures are in place
  • Adequate risk management and control measures around the PTSA

e) Corporate Governance Requirements

  • An independent board of directors responsible for defining strategic direction, overseeing operational functions and ensuring regulatory compliance
  • Board composition should be sufficient to carry out its responsibilities effectively
  • Have in place an appropriate number of board committees
  • A commendable record of compliance with regulatory requirements

All eligible and interested Switching and Processing licensees are to send hard and soft copies of Expression of Interest letter with supporting documents, not later those two (2) weeks from the date of publication to:

The Director
Payments System Management Department, Central Bank of Nigeria,
Plot 33, Abubakar Tafawa Balewa Way, Central Business District, Abuja.
PSMDPSLD@cbn.gov.ng

signed
Management

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