We are delighted that you are interested in Mono, however before you get started, it's essential to ensure compliance with the necessary regulatory licenses. In this article, we'll walk you through the fundamental regulatory requirements you need to meet to get started on Mono.
Here's a breakdown of the regulatory licenses needed to complete your onboarding and go live with Mono
Industry | Regulatory body | License/Regulatory document required |
Payments and payment processors | CBN | PSSP License |
Stock brokerages | NSE, SEC | NSE, SEC License |
Mobile Money Operators (MMO) | CBN, NDIC | MMO License |
Bureaux-de-Change (BDCs) | CBN | BDC License |
Micro-finance Banks (MFBs) | CBN | MFB License |
Telcos | Nigerian Communications Commission (NCC) | NCC License |
Payment Service Banks (PSBs) | CBN | PSB License |
Money Lenders | State Money Lenders, Federal Competition & Consumer Protection Commission | Money Lenders License, FCCPC certification, or Certificate of compliance |
Investment Advisors | SEC | SEC License |
Cryptocurrency Exchange | SEC | SEC License |
Gaming Companies | National Lottery Regulatory Commission (NLRC) | Lottery License |
You can find a few examples below:
1. PSSP License: The PSSP (Payment Service Solution Provider) License refers to a regulatory license that is specific to the financial and payment industries. It is typically required for companies or entities that provide payment services or solutions to customers or businesses.
Here’s a sample image of a CBN-issued PSSP license
2. NSE License: NSE stands for the Nigerian Stock Exchange, which is the primary stock exchange in Nigeria. In the context of regulatory licenses, the NSE license refers to the license required by brokers and trading firms to operate within the Nigerian stock market.
Here’s a sample image of a Stock exchange license
3. SEC License: A SEC license refers to the license or registration required by certain individuals and entities to operate in the securities industry under the jurisdiction of the Securities and Exchange Commission.
Here’s a sample image of a SEC license
