14 February 2013

Nigeria: Firm Gets Electronic Payment License

The Emerging Markets Payments (EMP) has announced that its subsidiary in Nigeria, Mediterranean Smart Cards Company (MSCC) has received an official operational licence from the Central Bank of Nigeria (CBN).

The firm in a statement yesterday, said the feat was to further demonstrate its commitment to the development of the country's processing and payment system.

The two-year, renewable license allows EMP to offer third-part services to banks operating in the Nigerian market. Under this licence, EMP is required to comply with all applicable CBN guidelines and regulations as well as subject to a periodical assessment of operations by the CBN to evaluate compliance. EMP was previously operating its business in Nigeria under a temporary license from the CBN.

EMP's Bank Processing Chief Executive Officer/Managing Director for Africa, Hoda Shoukry, said: "At EMP, we are committed to working closely with relevant authorities and other stakeholders within the market in which we operate.

"We look forward to continuing to develop the huge opportunities that exist in Nigeria and are proud to be a key player in the development of the electronic payment industry in the country."

EMP currently provides 15 banks in Nigeria with cutting-edge electronic payment card processing services, and over 50 banks in the West Africa region.

On his part, EMP's Executive Chairman, Paul Edwards said; "Over the years, EMP's presence in Middle East and Africa (MEA) has been growing at a rapid pace, especially as in most countries the electronic payments industry is still in the early stages of development."

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