Telecommunications companies like MTN, Glo, and Airtel can now vend foreign currencies as the Central Bank of Nigeria( CBN) reveals guidelines for the supervision of Payment Service Banks( PSBs).

MTN, Glo and Airtel have fanned into fiscal service requests through their accessories; MoMo Agent, SmartCash, and MoneyMaster, independently.

Away from their regular service of acceptance of deposits from individualities and small businesses, the Payment Service Banks possessed by the telcos will accept inboundcross-border particular remittances.

From the remittances, the central bank’s guidelines also empowers MoMo, SmartCash, and MoneyMaster to vend foreign currencies to certain certified foreign exchange dealers.
The foreign exchange dealers qualified to buy forex from the Payment Service Banks must have a N5 billion minimal capital.

“PSBs shall have the privilege to make their investments from the CBN window. All funds in excess of the PSB’s operational float should be placed with DMBs.

“PSBs shall participate in the payment and settlement system and have access to the inter-bank and the CBN collateralized repo window for their temporary liquidity management.” The guidelines read.

The Central bank stated further that, “PSBs shall render quarterly returns indicating the number of financially excluded customers on-boarded during the quarter to which the returns relate.

“All PSBs shall be required to interface with the Nigeria Inter-bank Settlement System (NIBSS) platform in order to promote interconnectivity and interoperability of operations within the Nigerian banking system.”