By Cynthia Ezekwe
Interswitch, a leading African integrated digital payments and commerce platform company headquartered in Lagos has announced its acquisition of a Payments Service Holding Company (PSHC) License issued by the Central Bank of Nigeria (CBN).
According to the payment system management department of the apex bank, PSHC,is a company, whose principal object clause includes the business of a holding company set up for the purposes of making and managing equity investment in two or more companies, being its subsidiaries, which are payment service providers across categories including’ mobile money operations, switching and processing, and payment solution services.
The regulator also noted that 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,” it added.
The statement from Interswitch disclosed that Interswitch’s Group Holding Company retains ownership of the PSHC in Nigeria as well as its other subsidiaries outside of Africa.
The tech company marked the acquisition alongside its 20th anniversary commemoration, which has seen the company seal its position as a pioneering and integral enabler that has actively supported the growth and development of financial technology, and payments progressively across Africa over the last two decades.
