What does it take to get an e-money licence in Nigeria?
To hold an e-money licence in Nigeria, you need the Mobile Money Operator Licence Category licence from Central Bank of Nigeria. Published minimum capital: ₦2,000,000,000 shareholders' funds unimpaired by losses + refundable escrow of ₦2bn. 17 entities currently hold an e-money licence in Nigeria. Full requirements — minimum capital, local presence, timeline, local ownership, fees and ongoing obligations — are set out below in each instrument's own words, with source and date; amounts are in the statute's own currency.
“E-money issuance” here is the normalized activity: Issue stored-value / electronic money redeemable at par and hold the customer float. The category of licence that lets a provider keep customers' money.
Activity id (as used by the Afriset MCP): fintech:EMONEY_ISSUE
Mobile Money Operator Licence Category
Central Bank of Nigeria| Requirement | As published | Source | Source date |
|---|---|---|---|
| Minimum capital | ₦2,000,000,000 shareholders' funds unimpaired by losses + refundable escrow of ₦2bn Verbatim“N2,000,000,000.00 (shareholders' funds unimpaired by losses) … Escrow of refundable N2bn into CBN PSP Share Capital Deposit Account No. 1000014009” | CBN, Approved New Licence Categorization Requirements (Consolidated – 2021) — the per-category eligibility/capital/fee sheets giving effect to the circular "New Licence Categorizations for the Nigerian Payments System" (ref BPSD, issued 9 Dec 2020). | 2020-12-09 |
| Local presence / incorporation | CAC-registered Nigerian company; functional physical address required Verbatim“Any corporate entity registered by the Corporate Affairs Commission (CAC), with Memorandum and Article of Association (MEMART) … Functional physical address, contact e-mails from company's domain and telephone numbers” | CBN, Approved New Licence Categorization Requirements (Consolidated – 2021) — the per-category eligibility/capital/fee sheets giving effect to the circular "New Licence Categorizations for the Nigerian Payments System" (ref BPSD, issued 9 Dec 2020). | 2020-12-09 |
| Timeline | No processing-time SLA published. Stated: AIP valid 6 months. Verbatim“Approval-in-Principle for six (6) Months” | CBN, Approved New Licence Categorization Requirements (Consolidated – 2021) — the per-category eligibility/capital/fee sheets giving effect to the circular "New Licence Categorizations for the Nigerian Payments System" (ref BPSD, issued 9 Dec 2020). | 2020-12-09 |
| Local ownership | No such requirement: No local-ownership quota. Ownership disclosure required. | CBN, Approved New Licence Categorization Requirements (Consolidated – 2021) — the per-category eligibility/capital/fee sheets giving effect to the circular "New Licence Categorizations for the Nigerian Payments System" (ref BPSD, issued 9 Dec 2020). | 2020-12-09 |
| Fees | ₦100,000 non-refundable application + ₦1,000,000 licensing (pre-issuance) Verbatim“Non-refundable application fee of N100,000.00 … Licensing fee of N1,000,000.00 to be paid before the issuance of the final licence, if successful.” | CBN, Approved New Licence Categorization Requirements (Consolidated – 2021) — the per-category eligibility/capital/fee sheets giving effect to the circular "New Licence Categorizations for the Nigerian Payments System" (ref BPSD, issued 9 Dec 2020). | 2020-12-09 |
| Ongoing obligations | Escrow held/invested in T-bills; restricted object clause; AML/CFT (KYC) procedures; consumer-protection policy; ERM, dispute-resolution, BCP/DR frameworks; commercial licence "renewable upon satisfactory performance"; and, under CBN circular PSS/DIR/PUB/CIR/001/004 of 15 June 2026: disclose the Ultimate Beneficial Ownership (UBO) of significant shareholders and keep UBO records accurate and available to the CBN on request; payments transaction data generated within Nigeria stored and managed in Nigeria, effective 1 January 2027; an institution holding more than 25% market share in consumer issuing within any rolling twelve-month period shall not hold more than 15% market share in merchant acquiring during the same period, and the reverse; monthly market share returns on prescribed templates and timelines; full compliance with these market structure requirements not later than 31 December 2026 Verbatim“shall disclose the Ultimate Beneficial Ownership (UBO) of significant shareholders … payments transaction data generated within Nigeria are stored and managed in Nigeria … shall fully comply with this requirement effective January 1, 2027 … that holds more than twenty-five percent (25%) market share in consumer issuing within any rolling twelve-month period shall not hold more than fifteen percent (15%) market share in merchant acquiring activities during the same period … shall submit monthly market share returns … achieve full compliance not later than December 31, 2026” | CBN, Circular PSS/DIR/PUB/CIR/001/004, Introduction of Market Structure Requirements, Data Localisation, Ultimate Beneficial Ownership Disclosure, and Systemic Oversight Measures in the Nigeria Payments System (15 June 2026). | 2026-06-15 |
Requirements as published in the cited instruments — not legal or compliance advice. Capital and fees are shown in the currency the statute itself uses. Where a value is located but not yet verified, we show that it exists but don't publish the figure. Verify directly with the regulator.
Maintained: this official source is re-checked on a weekly schedule — last checked 2026-11-13.
Who already holds this licence?
17 entities are on the Central Bank of Nigeria register under the Mobile Money Operator Licence Category category — view the register .
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